Amplifying this week's credit union win in the news

Credit union outreach efforts in the “Don’t Tax My Credit Union” campaign have made an impact – not only in Congress, but in the media across the country. America’s Credit Unions employed a multifaceted strategy to amplify the work of leagues, credit unions, industry partners and the trade association in national, trade and state outlets. 

This outreach was highlighted in coverage this week as the Ways and Means Committee secured the credit union tax status in their portion of the budget reconciliation bill.  

In a story focused on how lobbying groups fared in this first stage of the legislative process, Politico Influence highlighted the effort put in by credit unions to keep the tax status out of the bill and quoted President/CEO Jim Nussle. The outlet addressed Nussle’s resolve in urging “[credit unions to] remain engaged with the committee as it considers amendments through the markup process to ensure no new tax is added on credit unions.”

The battle over the credit union tax status appeared in American Banker twice this week. Monday’s coverage emphasized how the “Don’t Tax My Credit Union!” campaign ensured Congressional leaders understood early on that targeting credit unions is bad policy and bad politics. “In the light of day, credit unions will win,” Nussle said.  Once the Ways and Means Committee advanced their language, the outlet again highlighted credit unions’ ongoing efforts to engage lawmakers in light of the legislative process still underway.

Coverage of the week’s events in PYMNTS, a popular payments industry outlet, included the Independent Community Bankers Association’s failed push to tax credit unions with $1 billion in assets or more and Nussle’s statement thanking Ways and Means Committee Chairman Jason Smith, R-Mo., and the members of the  committee for protecting the tax status.

Reinforcing the credit union industry's robust advocacy efforts, Nussle was quoted in Politico Morning Money earlier this month reiterating that credit unions were "in a strong position" ahead of the Ways and Means legislation, but noted “we take nothing for granted."

Credit union trade news outlets also provided continued coverage of the tax bill developments. Here is a full roundup of recent coverage:

• Politico
  • What Wall Street is watching in the GOP megabill
  • How K Street priorities fared in the tax package
• American Banker
  • Tax bill keeps credit union tax exemption, but threat remains
  • Credit union tax exemption survives — for now
• PYMNTS
  • House Ways and Means Committee Preserves Credit Union Tax Exemption
• CU Times
  • House Committee Preserves Credit Union Tax Exemption in Budget Reconciliation Bill
  • Credit Union Tax Exemption Dodges Tax Bill
• CU Today
  • CU Tax Fight: Credit Union Tax Exemption Unaddressed In Initial House Reconciliation Bill
  • CU Tax Fight: Credit Unions Dodge Tax Threat In House Reconciliation Bill
  • CU Tax Status Preserved As House Ways & Means Wraps Up Reconciliation Markup
  • CU Tax Fight: Nussle Applauds Credit Union Tax Win, Warns Fight Isn’t Over
  • CU Tax Fight: Credit Unions Mobilize On Capitol Hill To Advance Tax Advocacy As House Considers Budget Bill
• CU Daily
  • Ways & Means Begins Mark-up on Big Tax Package; CU Tax Exemption Not Included in Friday’s Draft
  • In Victory for Credit Unions, CU Tax Exemption Not Targeted in Committee’s Bill
  • Ways & Means Concludes Markup of Reconciliation Bill Without Targeting CU Tax Exemption
• CU Broadcast
  • STATEMENT on House Ways and Means bill text release - CU tax status protected
  • STATEMENT - House Ways & Means advances reconciliation bill, secures credit union tax status
• CU Insight
  • As tax discussions reach critical point, don’t be hoodwinked by bankers
• CUSO Magazine
  • Credit Unions Secure Major Tax Status Victory