WASHINGTON–The most recent acquisition of a bank by a credit union—six so far in 2022, as CUToday.info reported here–continues to also bring criticism from the banking industry, whose trade groups have been working to get Congress to focus on the issue. But at least one person doesn’t expect elected officials will respond.
“Lawmakers realize it’s just another example of banker attacks on credit unions,” said NAFCU VP-Legislative Affairs Brad Thaler. “These are acquisitions that the banks’ board has to approve. Theoretically, the bank is a member of these banking groups and it is opting to join with the credit unions. Lawmakers also realize credit unions merging with these banks are keeping jobs, keeping services in the local community as compared to shutting them down. The national banks are buying and closing branches.”
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