A community bank trade association that represents a number of small Charlotte-area banks has made limiting credit unions a top lobbying priority this year.
The Independent Community Bankers of America released its policy priorities at a convention this week. The organization spent about $3.7 million on lobbying last year.
One of its goals this year is "urging Congress to address the unfair tax and regulatory disparity between taxpaying community banks and tax-exempt credit unions, while opposing further credit union 'mission creep,'" according to the announcement.
Credit unions, which have increasingly become bank-like in recent years by offering more products and technology, unfairly benefit from their tax advantage, the ICBA says.
"At a time of record federal budget deficits, every dollar of revenue counts," the statement reads.