Preston Kennedy

Credit unions’ federal tax exemption costs the U.S. more than $3.95 billion per year. Without accountability measures like 990s and CRA reporting, what are taxpayers really gaining? Learn more: reformcu.social/4tFd9zp

From @WSJFreeEx: Bruce Springsteen is entitled to his views. The problem is that he writes political diatribes about as well as I play guitar, writes @rkylesmith on.wsj.com/49NGyAg

#OTD 1934 - Bank robbers Bonnie Parker and Clyde Barrow were shot to death during a police ambush in Bienville Parish, Louisiana.

The @FDICgov ‘s report on the three big bank failures of 2023 is worth reading. It certainly emphasizes the importance of monitoring deposit concentrations and just as good banking practice, no sound community banker would ever put themselves in that position, of being “beholden” to only a handful of large depositors to fund the balance sheet. Thankfully, that is not how a typical community banker is structured, as we serve all in our community and usually have a nice diversified funding source. As the FDIC states: “Our results show that deposit insurance is stabilizing.” This is correct, but even when the systemic risk exemption was initiated, some depositors still “took flight” so unlimited insurance is not the answer nor will the cost of that ever be able to be absorbed by a typical community banker. I hope Congress “ @SenKatieBritt “ will take note of this report and give the Federal Deposit Insurance Corporation (FDIC) permanent authority to institute a “TAG” like program that might just avoid failures and bridge banks in the future and the agency should also re-evaluate the least cost model and require any bidding institution of bank failures to take all deposits, so as to treat all depositors fairly just like they do at SIFI’s because #CommunityBanks are systemically important to our main streets as well! @robblackwellAB @ICBA fdic.gov/news/press-rel…