American Banker: Credit unions are buying more banks

A new article says credit unions are indeed announcing more and more bank acquisitions, sometimes thousands of miles away.

Details: In the article in American Banker (subscription required), ICBA Senior Vice President and Regulatory Counsel Michael Emancipator questions whether bank acquisitions help credit union members. The article also notes:

• Ten years ago, credit unions acquired only a handful of small banks annually, but they're now buying institutions worth hundreds of millions of dollars.

• Credit unions announced 22 bank purchases in 2024, more than in any previous year, and have announced eight more deals this year.

ICBA Advocacy and Growing Scrutiny:

• ICBA has repeatedly called for policymakers to end the tax exemption for credit unions over $1 billion in assets as these institutions continue to use their tax-exempt status to acquire tax-paying community banks.

• A May Bloomberg article captured lawmaker concerns about the credit union tax exemption.

• Recent ICBA polling conducted by Morning Consult shows 62% of U.S. adults say credit unions that operate like banks should have to pay taxes like banks.