The National Association of Federally-Insured Credit Unions launched a “Stop Big Bank Bullies” digital advertising campaign Monday in an effort to fire back at banking trade groups that are arguing that credit unions no longer deserve their tax exemption.
A majority of community bankers say they would not sell their institutions to a credit union, even if the credit union offered the best price, according to a new survey conducted by the IntraFi Network. In the survey of leaders from 392 community banks, 53% said they would not sell to a credit union, while 47% said they would sell to whoever offered the best price, even if it is a credit union. Among community bank presidents, 66.7% said they would not sell to a credit union. When the same question was posed to CEOs, 55.68% said they would refuse
The Credit Union National Association last week renewed its effort to convince the Financial Accounting Standards Board to amend the controversial Current Expected Credit Losses standard, contending that credit unions should not have to comply with it.
The Federal Credit Union Act was last rewritten in 1998 and it is sorely outdated for the 21st Century, Credit Union National Association President/CEO Jim Nussle told the Senate Banking Committee in a letter last week.
Postal banking has arrived.
At least in a small way.
The U.S. Postal Service is testing a pilot program in four locations that allows customers to use payroll checks and business checks to purchase gift cards, a Postal Service spokesperson said Monday.
The nation’s community bankers are urging a House subcommittee to use an upcoming hearing to investigate the purchase of community banks by credit unions.
The Credit Union National Association will hold its annual Governmental Affairs Conference in-person Feb. 27-March 3, 2022 at the Walter E. Washington Convention Center in Washington, D.C.
Republicans and financial trade groups, including the National Association of Federally-Insured Credit Unions, are asking Congress to drop a Small Business Administration proposal to allow it to expand its direct lending programs.
Greg Mesack, a lobbyist with the firm of GrayRobinson, has been named senior vice president of government affairs at the National Association of Federally-Insured Credit Unions.
The loss of the credit union tax exemption would result in a $56 billion loss in income tax revenue over the next ten years, according to a study commissioned by the National Association of Federally-Insured Credit Unions.