WASHINGTON-The Independent Community Bankers of America (ICBA) said it now has more than 13,000 signatures on a petition opposed to expanded member business lending for credit unions, which the association referred to in a released statement as "tax-exempt credit unions' power grab legislation."
"ICBA and more than 13,000 constituents vigorously oppose legislation to expand the commercial lending powers of tax-exempt credit unions," said ICBA President Camden R. Fine in a statement. "Expanding the business-lending authority for taxpayer-subsidized credit unions-at the expense of taxpayers-would widen budget deficits at the federal, state and local levels."
In its statement the ICBA said credit unions have "lighter regulations" because they were "established to serve people of modest means, which is why Congress placed a cap on their business-lending authority." The ICBA said that if MBL authority for credit unions is expanded, CUs should have to comply with CRA.
The petition can be found at www.stoptheCUgrab.org.