Reform Credit Unions

29/07/2024

"[A]lthough credit unions have evolved and grown, their mission and structure have largely shielded them from even modest congressional or media scrutiny, until somewhat recently."

Let's continue calling for a level playing field. Learn more: https://reformcu.social/4d3Vx8Q

19/07/2024

The credit union industry rejected the idea of hiring more compliance staff to help better oversee more than 4,000 credit unions, citing the outdated “credit union difference.”

This resistance to transparency proves why it’s time for an oversight hearing. Read more: https://reformcu.social/3Yj7DXl

17/07/2024

Credit union acquisitions of banks have made up 27.3% of bank deals announced this year – the largest share yet. As the trend of credit union bank buys grows and spreads to more states, there is a heightened need for scrutiny from policymakers.

Learn more: https://reformcu.social/4czv4zG

16/07/2024

The credit union industry has drastically evolved over the last century. How does that affect you and your tax dollars?

Find out the impact of CUs in your state here: https://reformcu.social/3WmidLL

10/07/2024

Recently, Federal Reserve Governor Michelle Bowman discussed how the strong regulatory scrutiny of bank mergers could actually encourage more credit union acquisitions of banks, which is already at a record high.

Learn more:

Bowman disputed claims that banking agencies “rubber stamp” bank merger applications by pointing to lengthy processing times.

26/06/2024

These aren't your grandmother's credit unions...it's been 90 years since Congress passed the Federal Credit Union Act on June 26, 1934. https://reformcu.social/3VJ3jyL

24/06/2024

Credit unions now prioritize affluent markets and commercial lending, moving away from their original mission of providing financial services to people of modest means. Because of this shift, their preferential tax and regulatory treatment is outdated.

It's time for Congress to hold a hearing and provide needed oversight. https://reformcu.social/3RqO4Yv

20/06/2024

It's time for a change!🚨 Reform Credit Unions is emphasizing the need to examine and modernize the laws and regulations governing the credit union industry to benefit all Americans.
Learn more: https://reformcu.social/4b8m0jZ

19/06/2024

How do credit union members benefit when credit unions buy banks? With no transparency and zero accountability, credit unions – which are supposedly member-driven – do not typically disclose the terms of these deals to their members, who have no say in these transactions.

Learn more: https://reformcu.social/3VHS6OW

13/06/2024

"Local jurisdictions lose Community Reinvestment Act (CRA) and tax dollars when credit unions purchase banks and without a membership vote, credit union members have no say in their monies being spent on banks." State regulators are addressing this issue: https://reformcu.social/3KFD7Pl

06/06/2024

The troubling trends we've seen within the rapidly evolving credit union industry call into question their longstanding preferential tax and regulatory treatment.
Learn more: https://reformcu.social/3wRFxXN

04/06/2024

A $4.7 billion credit union in Texas recently announced its intent to acquire a $1.2 billion Louisiana bank.

As the trend of credit union acquisitions of banks grows, the potential ramifications highlight the need for heightened scrutiny from policymakers. Learn why: https://reformcu.social/3X3VCEo

03/06/2024

As a result of their outdated protections, credit unions avoid various forms of taxation. American taxpayers are left to cover the costs of their $2.2 trillion industry.

Learn more: https://reformcu.social/3Kl8Ch9

28/05/2024

Learn more about Reform Credit Unions and join us in advocating to reform the laws and regulations governing the credit union industry: https://reformcu.social/3WWai8n

14/05/2024

Credit unions claim their mission and structure enable them to help the underserved, but they are not required to perform any kind of impact analysis.

In fact, credit unions are even exempt from common community benefit reporting requirements like the Community Reinvestment Act.

Learn more: https://reformcu.social/4bpJC46

10/05/2024

Your voice matters. Tell Congress it’s time to reform credit unions! https://reformcu.social/4dteimI

09/05/2024

Through the years, credit unions have evolved, and many of the industry’s current activities and practices undermine the justification for its preferential tax and regulatory treatment.

Learn more about why we’re calling on regulators to examine and modernize the laws and regulations for credit unions: https://reformcu.social/4drEpKS

03/05/2024

The more things change, the more they stay the same: credit unions want similar regulation for similar activity, so long as it doesn’t impact their existing carveouts.

Credit unions are trying to avoid accountability, but if they really want a level playing field with competitors, they should embrace the responsibilities that come with it. Read: https://reformcu.social/4dp45Ys

30/04/2024

Modern credit unions are:

🔹abandoning their mission of providing consumer-focused financial services to people of modest means
🔹failing to demonstrate their investments in communities
🔹avoiding appropriate regulatory scrutiny
🔹escaping proper taxation

It’s time for reform.

26/04/2024

As a result of their outdated subsidies, credit unions avoid various forms of taxation. American taxpayers are left to cover the costs of their $2.2 trillion industry.

Learn more: https://reformcu.social/4d0OOgj

25/04/2024

Tell policymakers it’s time to examine and modernize the laws and regulations for credit unions.

Contact Congress and take action today: https://reformcu.social/3xQHzY1

19/04/2024

Despite their new messaging regarding a fair regulatory environment, credit unions are still lobbying against changes designed to bring forth some much-needed transparency to their industry.

Read more: https://reformcu.social/3w0su5O

08/04/2024

The National Credit Union Administration (NCUA) Board of Directors unanimously voted to enhance consumer compliance supervision measures for credit unions. Unsurprisingly, the decision was opposed by the credit unions themselves as they continue to resist any reasonable attempts at oversight.

More here: https://reformcu.social/3TYVQdZ

03/04/2024

“What we’re asking for, and what we hope you all will ask for, is a hearing. Let’s have the committees that have jurisdiction – Ways and Means, Financial Services, Finance, and Banking – have some hearings.” ABA’s Kirsten Sutton on the topic of credit unions.

27/03/2024

Learn more about Reform Credit Unions, and join us in advocating to reform the laws and regulations for credit unions: https://reformcu.social/4abcXyK

18/03/2024

The credit union industry has dramatically evolved over the last 100 years. That’s why we're calling into question their preferential tax and regulatory treatment.

Learn more: https://reformcu.social/43gIpcd

14/03/2024

Join us in pushing for needed congressional reform of credit union laws to uplift all Americans, especially those who belong to traditional, mission-driven credit unions.

Take action: https://reformcu.social/3TxdZzl

13/03/2024

Without Community Reinvestment Act reporting requirements, how do we know whether credit unions meaningfully invest in the communities they serve? We need accountability.

More here: https://reformcu.social/3TI3DwR

06/03/2024

"Congress should consider repealing or modifying the tax-exempt status of larger credit unions, as part of a comprehensive effort to enact lower across-the-board tax rates and a simpler tax system." National Taxpayers Union article says Congress should examine credit unions’ tax-exempt status: https://reformcu.social/3P5UVFK

Credit unions have bought a record number of banks in recent years, including 16 in 2022, 11 in 2023, and several deals announced in the first months of 2024. The $6.9 billion Hudson Valley Credit Union is acquiring Catskill Hudson Bank, the $11 billion Global Federal Credit Union is acquiring First...

28/02/2024

Join the movement for credit union reform by sending a letter to your member(s) of Congress today. https://reformcu.social/3OPoxqI