ICBA Ranks CU Tax Fight Above Bank Subchapter S Exemption
Eliminating the credit union tax exemption wasn’t at the top of the Independent Community Bankers of America’s legislative priorities list for this year, but it did rank higher than the protection of the banking industry’s own pass-through Subchapter S tax exempt charter.
The ICBA announced its annual priorities Wednesday during its annual convention in Las Vegas, which it said has drawn more than 3,300 attendees.
Like legislative priorities released earlier this year by credit union trade associations, the ICBA’s list is heavy on regulatory reform. The community bankers’ reg relief wish list includes exempting banks with $50 billion or fewer assets from Basel III capital requirements, reforms to Consumer Financial Protection Bureau regulations on mortgages and mortgage servicing, consistent standards in evaluating fair lending practices and examination reform.
The ICBA’s list also includes opposing the increase of the member business lending cap and supplemental capital for credit unions if the industry’s tax exemption status is kept intact.
“ICBA’s policy priorities are set to ensure community banks have the opportunity to support greater economic growth, job creation and prosperity nationwide,” said Bill Loving, incoming ICBA chairman and president/CEO of the $265 million Pendleton Community Bank in Franklin, W.Va.
“Our policy agenda is focused on minimizing the negative impact of excessive regulations, addressing the overly aggressive examination environment, minimizing risks to our financial system and creating greater economic activity and growth in local communities,” Loving said.