news
- September 18, 2019
The $620 million First Commerce Credit Union in Tallahassee, Fla. revealed plans to purchase and assume certain assets and liabilities of the $248 million Citizens Bank in Nashville, Ga.
Outdated Regulations
Modern credit unions have outgrown their preferential tax and regulatory treatment. Instead, they are focused on prioritizing affluent markets and commercial lending over their original mission of providing consumer-focused financial services to people of modest means. As these supposed nonprofits leverage their tax status to purchase banks and other credit unions, more than 400 credit unions now boast more than $1 billion in assets.
