The deal was just one of a growing list of mergers announced between taxexempt credit unions and taxpaying banks in recent months — but states are starting to sour on the idea. requirements banks must meet. But it’s become clear that credit unions aren’t interested in that mission — in fact, recent data has shown a general pattern of credit unions opening more branches on net in upper- and middle-income census tracts and closing more branches on net in low- to moderate-income census tracts. It’s wrong for credit unions to try and shoehorn self-serving pieces of legislation through Congress under the guise of promoting financial inclusion — just as it’s wrong for them to exploit their tax-advantaged status to subsidize acquisitions of taxpaying banks, pay for stadium naming rights or private jets, or open multi-million dollar headquarters. It’s encouraging that states are starting to scrutinize the credit union industry more closely. Now Congress must do the same. Email Rob at nichols@aba.com. EDUCATION CALENDAR For more information about these live and online education events and training tools, contact the NBA Education Center at (402) 474-1555 or nbaeducation@nebankers.org. You also may visit the NBA website at https://www.nebankers.org/education.html. AUGUST 2022 Real Estate Compliance Lending Conference August 16-17 Lincoln, NE Bank Compliance School August 22-26 Kearney, NE Women in Banking Conference October 19-20 Omaha, NE Commercial Lending School October 24-28 Manhattan, KS Summit on Regulatory Issues October 28 Lincoln, NE Advanced IRA Workshop September 21-22 Virtual Advanced School of Banking, Year 1 September 26-30 Kearney, NE OCTOBER 2022 Essential Teller Issues Seminar October 4 Virtual SEPTEMBER 2022 Fall Agri-business Conference September 1-2 Lincoln, NE IRA Essentials Workshop September 19-20 Virtual NEBRASKA BANKERS ASSOCIATION 13
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