Isaac Newton said that for every action, there is an equal and opposite reaction.
That’s certainly the case in the perennial feud between the banking and credit union industries.
A week after the National Association of Federally Insured Credit Unions launched a media campaign calling the banks “bullies,” the community bankers have fired back
The Independent Community Bankers of America has announced it will launch a social media campaign urging Congress to take a close look at the credit union industry. A video released by the ICBA first discusses the virtues of community banks, before noting that credit unions were created to serve people of modest means.
“More than a century later, many credit unions have strayed far from that original mandate to become growth-obsessed institutions that use their tax exemption to purchase local, tax-paying community banks, creating less choice for local banking,” the narrator of the video states.
The narrator goes on to say that it has been too long since Congress has taken a close look at the credit union industry and urges people to contact their members of Congress to ask them to call hearings on how credit unions are taxed and regulated.
Banking trade groups have been asking Congress to investigate the credit union industry for many years. So far, no congressional committee has undertaken such a probe.