   Vince Siciliano, CEO of 1st Pacific Bank of California, says a measure to remove the tax-exempt status of credit unions is not going to fly. He’s against the proposal. (photo/Maya Ellman)
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Vince Siciliano says he’s noticed an “increase in intensity coming out of the banking community” regarding tax-exempt credit unions, but he’s not feeling it. “I am probably a little bit out of step with most of the bankers, but I think removing the tax exemption for credit unions is a non-starter,” says the CEO of 1st Pacific Bank of California. “I don’t think it’s going to happen and I’m not in favor of it anyway.”
Siciliano says there are differences in the basic makeup of banks and CUs. “We (officers of the bank) have shares, and our shareholders are enriched by the appreciation of the bank. I suppose we all have the option of becoming like a credit union and passing it all on to the depositors.”
What Siciliano does want to see is a regulatory environment for credit unions that is similar to the banks’. “I would like to see their CRA (Community Reinvestment Act) rules to be as strict as ours. I would improve their regulatory structure so it’s more similar to what banks and S&Ls operate under.”
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