WASHINGTON--In advance of a scheduled banker fly-in this week, America’s Credit Unions sent lawmakers eight key facts to keep top of mind this week when they hear "misinformation" about credit unions:
- Credit unions put people first—and consistently uphold the responsibilities that come with being not-for-profit financial cooperatives
- Credit unions fill financial deserts and stay in communities when banks leave
- Credit unions provide help to those who need it most
- 25% of banks have a special tax status – but their customers don’t benefit like credit union members do
- Community banks are profitable
- Banks were built for Wall Street, credit unions were built for Main Street
- Credit unions are defined by their structure, not size
- Banks choose who they sell to, and that is typically not to credit unions
“As you consider tax reform and financial services regulatory relief, remember that credit unions were created to serve those who banks don’t or won’t serve,” wrote America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “For 91 years, credit unions have consistently upheld the responsibilities that come with being not-for-profit financial cooperatives that put people over profits.”
The Defense Credit Unions Council Monday also addressed the ICBA meeting in Washington, launching a targeted geofencing advertisement campaign across Capitol Hill and the Gaylord National Resort & Convention Center — the site of the 2025 ICBA Annual Conference — to reinforce the importance of preserving the federal tax exemption for credit unions.
Separately, following credit unions not being mentioned in the House Ways and Means Committee's reconciliation bill Monday, ACU stated that the trade association and the credit union industry will continue "unified advocacy efforts" throughout the reconciliation process to ensure the Trump Administration and lawmakers recognize the value of and protect the credit union tax status in final legislation.
"Advocates are encouraged to keep up the Don’t Tax My Credit Union momentum as the process unfolds, so officials know that including any language to change the credit union tax status would be a tax increase on more than 142 million Americans," ACU said.
Once the House Ways and Means Committee and other committees advance their portions pf the budget reconciliation bill, the House Rules Committee will assemble the sections into a complete package that will then go to the House floor.