WASHINGTON–The Independent Community Bankers Association of America (ICBA) is holding its Capital Summit in Washington this week and, as is an annual tradition, the group has also released a new poll that found Americans want credit unions held to the same rules as banks.
As part of its new survey, conducted by Morning Consult, the ICBA said 68% of adults say credit union customers should have the same consumer protections that banks provide, such as those provided by the Community Reinvestment Act.
In addition, it said its key advocacy priorities include calling for credit union hearings, supporting rural America, reining in regulatory overreach, and opposing credit card routing mandates, the latter being an issue on which it and America’s Credit Unions are in agreement.
Additional Findings
According to the ICBA, other findings in its poll of American consumers include:
- 70% of Americans say providing tax relief to lending institutions in rural communities — in line with the bipartisan Access to Credit for our Rural Economy (ACRE) Act — would help preserve family farms if these benefits are passed along to borrowers.
- 66% of adults say allowing big merchants to pick card transaction networks that are the least costly to them — as laid out by the Credit Card Competition Act (S. 1838/H.R. 3881) — would lead them to choose less secure networks.
- 64% of Americans agree that the SAFER Banking Act’s provisions allowing cannabis-related businesses to access the banking system would help improve public safety.
- 69% of Americans support legislation to restrict credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage.
- 63% of adults say cryptocurrencies should be regulated at least as stringently as banks, while 60% say a U.S. central bank digital currency would negatively affect community banks.
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