WASHINGTON—The Senate comes back to Washington next week and begins work on the Big Beautiful Bill.
America’s Credit Unions noted the Senate could start over with a completely new bill, take components of the House-passed version, or look to move the House bill through the Senate with minimal changes.
With both President Donald Trump and Senate Majority Leader John Thune (R-SD) indicating they want the bill through the Senate by July 4, the U.S. expected to hit the debt ceiling in mid-August, and a conference committee needed to iron out any differences between House and Senate versions, the bill could be on the president’s desk anytime between July 4 and the August recess, ACU said.
“There’s no question that staying out of the House version was the biggest battle if we were going to have any chance of success. But there are still some perilous moments that may raise their head either in the Senate, or when the Senate and House come together to work out the differences, that’s why your continued engagement is so important,” said ACU President and CEO Jim Nussle during an ACU advocacy update webinar this week.
During the webinar, ACU Chief Advocacy Officer Carrie Hunt provided additional details on the organization’s advocacy strategy outside of the tax fight, which includes fighting “poison pill” amendments as the Senate considers the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582).
An amendment offered by Sen. Roger Marshall (R-KS) would mandate the use of third-party credit card payment networks (using language from his Big Box Bailout bill from last Congress). Sen. Josh Hawley (R-MO) offered an amendment that would cap credit card interest rates at 10%.
“Relative to all these amendments, we’re still in the period where they can be filed, we’ll have a clearer picture next week of the totality of amendments,” Hunt said. “We certainly think it is helpful for members of the Senate to hear from credit unions, we have to express our opposition to amendments we don’t like and have designed our grassroots for different messages when needed.”
DCUC Continues The Fight In Ongoing Tax Battle
The Defense Credit Union Council reaffirmed its strong opposition to any effort that would alter the tax-exempt status of credit unions.
“The credit union tax exemption is not a loophole—it is a recognition of our cooperative structure, mission-driven model, and the essential role we play in serving those who serve our country,” said DCUC Chief Advocacy Officer Jason Stverak. “Defense credit unions operate on military installations around the globe, providing tailored financial services that help ensure the financial readiness and resilience of service members and their families. Undermining our tax status would not only jeopardize this critical support system but would directly harm the very people our government has pledged to protect.”
Stverak added that DCUC remains firmly opposed to the inclusion of harmful, unrelated policy proposals—such as the Durbin-Marshall Credit Card Competition Act (CCCA) and the Hawley-Sanders Interest Rate Cap legislation—as so-called “poison pill” amendments to any broader legislation, including the GENIUS Act or the National Defense Authorization Act (NDAA).
“These bills are misguided and dangerous,” Stverak said. “The CCCA would disrupt the secure and reliable credit card systems that military families depend upon by forcing unproven routing mandates that expose consumers to greater fraud risk and reduced credit access. Similarly, the Hawley-Sanders proposal to impose a 10% national interest rate cap on consumer credit would have a chilling effect on lending, making it harder for service members—especially junior enlisted personnel and veterans—to access responsible credit during emergencies.”
Adding these measures to must-pass bills like the GENIUS Act or NDAA would not only be inappropriate—it would be “reckless,” Stverak said.
“Defense credit unions stand with the millions of Americans who would be negatively impacted by these proposals and call on senators to reject any effort to sneak harmful provisions into critical legislation under the guise of consumer protection,” Stverak said. “DCUC urges Congress to stay focused on responsible budgeting, reject any changes to the credit union tax status, and keep unrelated and harmful amendments out of essential legislation. We remain committed to defending the financial stability of those who defend America.”