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Bankers' 2017 Priorities Include Challenges to CU Tax Exemption, FOM
Wednesday, March 22, 2017 6:30 AM

The Independent Community Bankers of America (ICBA) released its list of 2017 priorities this week. Among them is the group's continued legal challenge of credit unions' tax-exempt status and opposition to expanding field of membership.

"ICBA remains as focused as ever on advancing common-sense policies to ensure our nation's community banks can continue helping local communities thrive," said ICBA Incoming Chairman R. Scott Heitkamp. "By advocating tiered regulations that are tailored to the size and risk profile of community banks, Congress and the Trump Administration can support stronger economic and job growth nationwide."

The text from their list:

"TAX-EXEMPT CREDIT UNIONS: Urging Congress to end the credit union industry’s unwarranted federal tax subsidy and opposing expanded powers for the industry as long as it remains exempt from taxation and the Community Reinvestment Act."

Cornerstone Credit Union League's Suzanne Yashewski, SVP Regulatory Compliance Counsel, said of the news, “We have confidence that the bankers’ FOM lawsuit will be dismissed just as the MBL lawsuit was dismissed earlier this year.”