WASHINGTON—More than 600 credit union presidents and CEOs joined together to send a letter to the U.S. House of Representatives ahead of the vote on the One Big Beautiful Bill, America’s Credit Unions reported.
“On behalf of America’s roughly 4,500 credit unions, we write to extend our gratitude for your commitment to the American people. We know that each of you has America’s best interests at heart and want each American to have the opportunity to succeed. To be productive. To be fulfilled. To realize their potential. And when that happens, America becomes stronger,” the leaders wrote.
“The story of America’s credit unions is the story of America: created out of necessity in response to adversity. Bringing people together to create a better life and fulfill the American Dream. Our tax status reflects our mission—to foster financial well-being, strengthen communities, and serve those consumers that banks have left behind. Taxing credit unions means taxing the very people who rely on us the most. Credit unions were created by their members to fan those flames. To build homes. Better neighborhoods. Better communities. And in turn, a better America,” the group stated.
Separately, America’s Credit Unions President/CEO Jim Nussle called on the House "to strengthen Main Street America by passing H.R. 1, the One Big Beautiful Bill Act. This bill secures the credit union tax status, which benefits 142 million Americans and communities across the country. Credit unions are here to support our nation's financial prosperity, and we urge lawmakers to support policies that create opportunities for credit unions to serve more people.”
The Defense Credit Union Council said it is looking forward to House passage of its version of the Big Beautiful Bill, which doesn't include any changes to the credit union tax status.
“But this race is not over,” said DCUC Chief Advocacy Officer Jason Stverak. “The Senate will have to debate and pass their version of the bill, and the House and Senate will have to come together to craft one bill that can pass both chambers and be signed by the President into law. DCUC remains committed to ensuring there is no change to the credit union tax status and that end goal is not accomplished unless the entire industry comes together to share the credit union difference.”