TALLAHASSEE, Fla.–The Florida Bankers Association, which has been among the most outspoken in their criticism of credit unions, plans to keep up its attacks in 2020 over what it considers too much “leniency” for CUs.
In an interview with Miami Today, Anthony DiMarco, the executive vice president of government affairs for the organization, said the association is continuing its work in Tallahassee and Washington for credit unions to be treated like other financial institutions.
“You’re out there competing like a bank, you look like a bank, you act like a bank, but you don’t pay taxes and it’s an unfair advantage,” DiMarco told Miami Today. “It’s the government picking winners and losers.”
Tax Proposal
In the interview DeMarco repeated the FBA’s call for taxing CUs over $500 million in assets and repeated criticisms over the expanded fields of membership of credit unions.
“Now basically, you can walk into big credit unions and join just like you could walk in and open an account in a bank,” he told the publication.
The news item included citation of a CUNA report that in 2018 credit unions provided more than $16 billion in benefits to their members and indirectly to bank customers, the report states, outweighing the $1.8 billion the Joint Committee on Taxation found were lost in federal revenue.
Acquisitions Expected to Continue
The Miami Today interview follows an announcement of the largest-ever acquisition of a bank by a credit union is taking place in Florida, as Tampa-based Suncoast Credit Union announced it is buying the $746-million Apollo Bank.
DiMarco told Miami Today in 2020 he expects more credit unions to absorb community banks, as well as community banks consolidating with one another.