CREDIT UNIONS WILL KEEP BUYING BANKS
UNTIL CONGRESS ACTS
A year and a half ago the good question was asked: Will Congress do anything about credit unions buying banks? After all, as ICBA's Rebeca Romero Rainey pointed out this week, U.S. tax revenue shrinks every time a credit union buys a bank and yet credit unions continue to ramp up their unfair competition with traditional banking by gobbling up community banks.

Just this past month, for example, VyStar Credit Union announced it was purchasing yet another community bank (their second such purchase in 24 months). And a credit union that can buy a bank is really not a true credit union.

Friends of Traditional Banking has long opposed fake credit unions, which are surging well beyond the role of traditional credit unions and harming communities by avoiding taxes. These financial institutions create an uneven playing field for traditional banks and real community credit unions.

Yet, Congress continues to ignore the cries of our industry and its allies ABA and ICBA. They apparently won't do something about it until we get more friends elected. Getting more friends of traditional banking elected to Congress is why we exist, and why we appreciate your support!
Jamie Shinabarger Appointed to Exec Committee

Jamie Shinabarger has been appointed to the FOTB Executive Committee. He currently is president, CEO and director of Springs Valley Bank & Trust Company as well as the parent company, SVB&T Corporation in Jasper, Indiana. Previously, Shinabarger represented Indiana on FOTB's Fifty State Banker Board and currently serves as second vice chair of the Indiana Bankers Association. He has 40 years of financial services experience including work with three financial institutions.
Alicia Wade Appointed to Represent Oklahoma on FOTB's Nationwide Banker Board

Alicia Wade has been appointed to represent Oklahoma on FOTB's Nationwide Banker Board, replacing Amada Alvidrez who was recently promoted to the Executive Committee. She is President and COO of Valliance Bank in Oklahoma City, and a director with the Oklahoma Bankers Association and The Bankers Bank. She has 24 years of banking experience.
Your Institution Faces Rapidly Growing
Cyber Security Risks
A message from our sponsor BankOnItUSA:

The Federal Reserve Bank of New York Staff Report states that financial services firms face up to 300 times the cybersecurity risks than other businesses.

Between March and June 2020 ransomware and phishing attacks at banks increased by 520%.

The OCC expects cyber threats to banks, customers and third parties to continue to increase for the foreseeable future.

The FDIC and OCC released a joint statement in 2020 warning banks that “disruptive and destructive attacks against financial institutions have increased in frequency and severity”.

There are multiple reasons why cybersecurity risks are increasing:

  • Increased frequency of attacks
  • Well-funded & sophisticated adversaries
  • Readily available online cyber-attack tools
  • Substantial increases in remote work by employees
  • Too few skilled cyber security people to meet the job demand
  • Greater willingness by adversaries to use more destructive types of attacks
PAID for by Friends of Traditional Banking. NOT authorized by any candidate or candidate's committee.

Friends of Traditional Banking is a non-partisan grassroots effort organized by bankers in 2012 to improve the political and regulatory environment for the traditional banking industry in the U.S. FOTB is the inverse of a PAC--instead of spreading a little bit of money to a lot of campaigns, they focus a lot of money on a couple of key campaigns.
Friends of Traditional Banking | 175 South Main Street, Ste 1420, Salt Lake City, UT 84111