Banking trade groups pool resources to fight credit union competition

Northwestern Financial Review, Jul 1-Jul 14, 2004

Three banking trade groups have decided to unite their efforts to fight against growing credit union competitiveness - specifically, that bank-like credit unions remain tax-exempt. The Inter-Trade Credit Union Coordinating Council is made up of the American Bankers Association, America's Community Bankers and the Independent Community Bankers of America.

The council plans to coordinate the individual efforts of the three associations, facilitate communication among the groups, provide a forum to share ideas and assist in specific joint efforts. Prior to forming the council, all three groups had individually launched campaigns to call congressional and public attention to the activities of bank-like credit unions, which they believe are unfair. "We believe it is critical for us to better coordinate and communicate a clear and cogent message to legislators: Credit unions that want to play like banks should pay like banks," said ACB Chairman William Zuppe.