LANDOVER, Md.– Northwest Credit Union said it has entered into a multi-year naming rights deal for the home stadium of the NFL’s Washington Commanders, and the banking industry needed less time than the two minute warning to blast the sponsorship and tell Congress it's another reason to revoke the CU tax exemption.
The team’s home, formerly known as FedEx Field, will now be known as Commanders Field at Northwest Stadium and marks the first credit union naming rights deal in NFL history. The naming rights to the stadium will cost $8 million annually, according to several reports.
In 2023, the $4.55-billion Northwest FCU, which is based in Herndon, Va., became the Commanders' Official Credit Union Partner. The new partnership vastly expands the credit union’s presence with the team.
Press Conference Scheduled
On Sept. 15th, the two organizations said they will officially kick off the extension and expansion of their existing partnership through a joint press conference at the stadium before the Commanders' home opener.
"Northwest Federal Credit Union has been an integral part of this community for generations and we could not be prouder to partner with an organization as committed to the DMV as we are," Washington Commanders Managing Partner Josh Harris said in a statement. "As we continue to work toward our goal of building the Commanders into an elite franchise that consistently competes for championships, we are excited to welcome our team and fans to Northwest Stadium and look forward to creating incredible memories together on the field and in the communities we serve."
‘Amazing Alignment’
Added Northwest FCU President and CEO Jeff Bentley in a statement, "Northwest is thrilled to continue building on the great work we have achieved alongside the Commanders. With a combined history of nearly 170 years in the D.C. metro area, this expanded partnership was an amazing alignment of our values to enrich the local community. It is an honor to be able to welcome everyone to Northwest Stadium and introduce the inspiring initiatives that this collaboration represents. Together, we look forward to ensuring that Northwest Stadium is an impactful place where we rally together over our common love of football, giving back to the community, and creating memorable experiences that last a lifetime."
Aspects of Partnership
According to the two organizations, the expanded partnership includes:
- Exclusive Northwest branding across the stadium, including a new stadium logo featured on exterior and interior signage
- Northwest FCU will be the jersey patch partner for off-season and in-season practices.
- Discounts on tickets and merchandise will be available to Northwest FCU members.
Previously, as the Official Credit Union Partner, Northwest FCU had participated in a number of the Commanders’ charitable events, including the "Commanders Read" community program, the Northern Virginia Science Center STEM event, and the annual Commanders "Harvest Feast."
Bankers’ Group Issues Critical Response
The naming rights deal was certain to draw the banking industry’s attention, as the stadium is less than 10 miles from the nation’s capitol, and the ICBA issued a statement shortly after the announcement urging Congress to act.
“Today’s announcement that Northwest Federal Credit Union is spending $8 million of its members’ deposits each year for the Washington Commanders football stadium naming rights is just the latest example of how credit unions are violating the limits established by Congress to justify their federal tax exemption,” said ICBA President and CEO Rebeca Romero Rainey in a statement. “As we said in a recent letter to Congress, modern credit unions exploit a tax exemption created nearly a century ago to help them ‘serve people of modest means’ within defined fields of membership. But the credit union tax exemption now subsidizes multi-million-dollar executive pay, outsized marketing budgets, lavish headquarters, and an ongoing surge in acquisitions of taxpaying community banks — all to benefit national financial firms whose regulator has rendered field-of-membership restrictions to the point of meaninglessness.
“We continue calling on Congress to hold hearings on the credit union industry’s tax and regulatory advantages and to consider an ‘exit fee’ on credit union acquisitions of taxpaying banks to capture lost tax revenue resulting from these deals,” Romero Rainey’s statement continued. “And we have the public on our side, with ICBA polling conducted by Morning Consult showing Americans support a congressional review of credit union policy, including the industry’s tax and Community Reinvestment Act exemptions.
‘Historical Precedent’ Cited
“Lawmakers have not only their constituents on their side, but also historical precedent. In 1951, Congress revoked the tax exemption for building and loan associations, cooperative banks, and mutual savings banks, finding that these institutions operated much like commercial banks and should be taxed accordingly.”