America’s Credit Unions defends tax status, reiterates importance of CDFI Fund for Congress

A letter sent to the Senate Finance Committee ahead of Treasury Secretary Scott Bessent’s testimony on the department’s fiscal year 2026 budget addressed funding levels for the Community Development Financial Institutions (CDFI) Fund, as well as the importance of preserving the credit union tax status.

Bessent’s testimony highlighted the Trump Administration’s focus on building economic momentum and supporting Main Street America through its policies.  

America’s Credit Unions President/CEO Jim Nussle noted that credit unions share this mission, and called on the Treasury and Congress to continue securing the credit union tax status, noting that “credit unions provide important value to the American economy and consumer, returning over $35 billion in annual benefits for an annual tax expenditure that is under $3 billion.”

Nussle reiterated the important role the CDFI Fund plays in helping communities across our nation. He also stressed “steadfast support for maintaining an independent NCUA as the federal credit union regulator.” 

Read the full letter.  

America’s Credit Unions wrote similar letters to hearings with Bessent earlier this week, with ongoing efforts underway to ensure credit union priorities are addressed on Capitol Hill.