House Budget Committee advances reconciliation bill

The House Budget Committee advanced the budget reconciliation bill late Sunday with a 17-16 vote (and four members voting “present”). The bill—comprised of sections put together by all House committees—does not make any changes to the credit union tax status.

The bill failed in a Friday vote, but negotiations occurred over the weekend before Sunday night’s committee meeting. The bill will now go to the House Rules Committee before it can go to the House floor for a vote. The lack of unanimity amongst Republicans in the Budget Committee vote suggests changes will need to be made in the Rules Committee to get the votes necessary to pass on the House floor. 

House Leadership has indicated that they want a vote on the package before lawmakers leave for the upcoming scheduled Memorial Day recess.

America’s Credit supports the bill, not only because it leaves the credit union tax status intact, but it also contains language to:

• Modify the CFPB’s authority to draw funds from the Federal Reserve to a maximum of 5% of the Fed’s operating expenses (down from the current 12%), a chance that would ensure the CFPB has funding to operate, but would need any additional funds appropriated by Congress; and
• Require the CFPB to return Civil Penalty Fund money back to the Treasury after payment to direct victims only.

Resources are available to keep up the tax advocacy strategy momentum on the Don’t Tax My Credit Union website, and on America’s Credit Unions website, which includes a social media toolkit, press kit, and more