WASHINGTON--The value of the credit union tax status was emphasized in letters sent to Senate leaders Monday by America's Credit Unions, the Defense Credit Union Council, Allied Solutions, AACUL and every credit union league/association.
With the Senate working through its version of H.R. 1, credit unions are continuing grassroots advocacy efforts, ACU said. The letter from America's Credit Unions, AACUL and every credit union league/association, highlights:
- Credit unions' focus on Main Street and reinvestment in their communities.
- The value of the credit union tax status, delivering an estimated total of $35 billion in financial benefits in 2024 for American consumers.
- The difference between credit unions and banks.
"As you consider the reconciliation package and changes to the One Big Beautiful Bill, we urge you to protect the credit union tax exemption," the organizations state.
Separately, the Defense Credit Union Council, ACU, Allied Solutions and other CU groups and credit unions, sent a letter to Senate leaders with a similar message.
The credit union model, "recognized by Congress through the tax exemption—prioritizes people over profit, ensuring our focus remains on financial well-being, not investor returns, the letter states. "This exemption enables credit unions to save their members at least $12 billion annually and collectively return more than $36 billion in total value to communities nationwide. In fact, the average credit union member saves $220 per year through better rates and lower fees compared
to a traditional bank."