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Congress should hold a hearing to examine whether the tax exemption granted to the credit union industry is justified by the community benefit it provides, the NBA, 51 other state bankers associations and the American Bankers Association said in a letter to leaders of the House Ways and Means Committee and Senate Finance Committee. Congress has not held a hearing on examining the topic in 20 years. Since that time, the groups noted credit unions have increasingly deviated from their original mission as nonprofits and are engaging in activities such as acquiring banks, issuing subordinated debt and offering nationwide membership. "We welcome competition and recognize that it benefits American households. We also believe that American taxpayers deserve accountability and that financial institutions awarded special tax and regulatory treatment should live up to their stated missions," the groups said.

Consumers agree that the tax exemption deserves scrutiny. Over 60% of respondents to a survey last year said Congress should assess whether the credit union tax exemption is justified. Only 18% of respondents to the same survey knew that credit unions pay no federal taxes, further highlighting the importance of bringing attention to the topic.

You can get involved by asking Congress to hold a hearing.

Read the Letter

Take Action

Legislative, Policy and Regulatory Updates

Urge Nebraska Representatives to Cosponsor H.R. 7297

Thank you to Senators Deb Fischer and Pete Ricketts and Rep. Mike Flood for cosponsoring the Homebuyers Privacy Protection Act, S. 3502/H.R. 7297. The bill would limit the practice of credit agencies selling consumer information to other lenders as "trigger leads" when a mortgage application is submitted. Contact Reps. Don Bacon and Adrian Smith and ask them to also support the bill.

Take Action

Lawmakers: Debit Interchange Proposal Hurt Financial Inclusion

A bipartisan group of lawmakers, including Nebraska Rep. Mike Flood, raised concerns about the impact on financial inclusion of the Federal Reserve's proposal to lower debit card interchange fees. "We are concerned that the proposed nearly 30% cut in debit interchange rates could upend the economics that enable financial institutions of all sizes to offer Bank On-certified accounts in a sustainable manner, thereby limiting consumers' ability to access affordable banking products," the lawmakers said in a letter to Fed Chair Jerome Powell.

Read the Letter

CFPB Issues Final Rule Restricting Credit Card Late Fees and Targets 'Rigged' Comparision-Shopping Tools

The Consumer Financial Protection Bureau (CFPB) has released its final rule limiting credit card late fees for card issuers with at least one million open accounts. The rule reduces the safe harbor dollar amount for late fees to $8, eliminates the higher safe harbor dollar amount for subsequent violations of the same type and removes the annual inflation adjustment for the safe harbor amount.

In a separate action last week, the CFPB issued guidance on 'rigged' comparison-shopping tools, saying tools that accept financial compensation in return for recommending certain products could be violating the Consumer Financial Protection Act.

Read the Final Rule

Read the Guidance

FHFA to Modify Implementation of New Credit Score Model Requirements

The Federal Housing Finance Agency (FHFA) announced updates to its planned implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac. The agency will release historical data on the VantageScore 4.0 model in the third quarter of 2024 and aims to provide similar data for the transition to the FICO 10T model. The transition from the classic FICO credit score model and the bi-merge credit reporting requirement will occur in the fourth quarter of 2025.

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You can help inspire the next generation of bankers by sharing your banking journey. Do you have a compelling story of how you found your path in banking? Whether you've overcome obstacles, have a unique background, make a difference in your community or just have a cool story to share – we want to feature you! Thank you for helping us showcase the diverse and inspiring journeys within the banking industry.

Share Your Story

Recommend a Fellow Banker

Educate, Innovate and Connect at GSBC

The Graduate School of Banking at Colorado (GSBC) will host their Annual School Session on July 14-26 at the University of Colorado Boulder. Through this three-year program, GSBC offers the next generation of bank leaders the opportunity to learn the basics, the skills and the strategies that are essential to thriving in the community banking landscape.

Enrollment is subject to availability. The deadline to apply is April 1.

Learn More and Apply

Feb. 28 - March 5

Email your news, press releases, photos and/or newspaper articles to be published in Banks & Bankers. Send content to [email protected].

Commodity Program Enrollment Deadline Approaching

Agricultural producers have until March 15 to enroll in the U.S. Department of Agriculture’s Agriculture Risk Coverage and Price Loss Coverage programs for the 2024 crop year. 

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ABA Accepting Emerging Leader, DEI Award Nominations

The American Bankers Association’s (ABA) Emerging Leader Awards recognize the next generation of bank leaders who are committed to the highest standards of achievement and service to the industry and their communities. Nominations for the awards are due June 30.



The Diversity, Equity and Inclusion Awards are presented to banks for their internal efforts to enhance diversity, equity, and inclusion within their workforces.

Emerging Leader Awards

DEI Awards