ICBA: “Wake Up” to Credit Union Risks (short version)

[MUSIC PLAYING] With the nation’s tax
exempt credit unions posing significant threats
to our financial system, it’s time for Congress and
taxpaying Americans to wake up. Community banks are calling on Washington policymakers to
stop pressing the snooze button and open its eyes to the risk
posed by the growth obsessed taxpayer subsidized
credit unions. These financial firms
were chartered by Congress as not-for-profit
institutions to serve people of modest means. Today, the $1.5
trillion industry uses its tax exemption to
underwrite risky practices and expand at all costs. Meanwhile, the industry’s
captive regulator has actively supported
this evolution while failing to prevent
credit union lending abuses. Look no further than the
New York taxi medallion scandal for evidence of that. Time’s up. [MUSIC PLAYING]

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