WASHINGTON—With credit unions’ tax status possibly under greater threat than ever, the House Ways and Means Committee begins work on tax reform Tuesday with a hearing titled “The Need to Make Permanent the Trump Tax Cuts for Working Families.”
The hearing takes place at 10 a.m. ET.
As CUToday.info reported, the Defense Credit Union Council has sent a letter to the Committee’s leaders in advance of the hearing.
The letter addressed the importance of the credit union tax status and its significant impact on the financial ecosystem and America's communities.
DCUC Chief Advocacy Officer Jason Stverak told CUToday.info that educating members of Congress—many of them new this year—about the credit union movement is critical to protecting the industry’s tax status.
“I think it's probably the most important thing that can be done about the tax issue,” Stverak said. “Congressional leaders can’t have a lack of understanding or knowledge on the topic. That's when credit union opponents can sneak in and convince staffers and members of Congress that the credit union tax-exempt status should be taken away.”
ACU Meeting With Congressional Leaders
With both the House and Senate in session this week, ACU Chief Advocacy Office Carrie Hunt said the trade organization is meeting with Congressional leaders to discuss interchange.
“Even though we are in a different environment than we were in during the last Congress, we still believe we need to stay vigilant relative to interchange,” said Hunt. “That legislation had bipartisan support. Certainly we do not want to give (Credit Card Competition Act proponents) any opening or ability to try to gain traction on this issue. It is still incredibly important to our members to maintain what interchange revenue they have.”
Also this week in D.C.:
- Thursday, the Federal Reserve Bank of Cleveland will hold a FedTalk webinar that will explore the economic outlook for 2025