Washington, D.C. (Nov. 10, 2026) - Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the latest reported acquisition of a tax-paying community bank by a multi-billion-dollar tax-exempt credit union.

"The data on credit union acquisitions of community banks is clear: these deals harm small businesses and reduce lending capacity in local communities despite the credit union tax exemption. With taxpayers subsidizing another acquisition announced today, policymakers should address the policies that fuel this harmful acquisition trend by ending the federal tax exemption for credit unions with $1 billion or more in assets."

ICBA polling of U.S. adults consistently shows that Americans support reforming credit union policies. According to ICBA's latest polling:

• 63% agree that credit unions should be required to file annual informational reports like other tax-exempt organizations, agreeing by nearly a 5-1 margin.

• 59% agree that credit unions should be required to follow stricter regulations to justify their tax exemption, agreeing by more than a 3-1 margin.

• 61% agree that credit unions should be restricted from using their tax savings to purchase expensive equipment for use by senior executives, such as private jets.

ICBA's The Illusionists campaign - which appears on streaming, digital, and print platforms - highlights how large credit unions grow through acquisitions and regulatory advantages while accountability, tax fairness, and consumer choice disappear. The campaign website - creditunionsrevealed.com - features data, videos, frequently asked questions, and research highlighting the policy disparities that allow tax-exempt institutions to expand while competing directly with community banks.

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.