Relentless advocacy secures credit union tax status throughout reconciliation process

President Donald Trump’s signature on H.R. 1 Friday represents the successful culmination of credit unions’ advocacy strategy to secure the credit union tax status through the tax reform and reconciliation process. Several months after Congress said everything was on the table, the credit union tax status was not changed in any draft provision, legislation, or amendment during the process.

“America’s Credit Unions and the 142 million Americans who rely on credit unions thank President Trump and Congress for recognizing the credit union difference," said Jim Nussle, America’s Credit Unions President/CEO. "With the President’s signature, H.R. 1 preserves the credit union tax status and our ability to strengthen communities throughout the country. Credit unions stand ready to help even more people reach their American dream, and America's Credit Unions will continue to work with Congress and the Administration to enact policies that empower our industry.”

The industry united to elect a credit union-friendly majority in the 119th Congress last year and welcomed members during swearing-in day with critical discussions on the importance of preserving the tax status for members and communities.

America’s Credit Unions, leagues, and credit unions continued the momentum each week with targeted member visits in D.C., meetings in home districts and states, and regular communication with members of Congress and their staff throughout the process.

This includes:

• Meeting with Senate Finance Committee Chairman Mike Crapo and Republican committee members;
• Meeting with every Republican member of the House Ways & Means Committee, including Chairman Jason Smith, several times;
• Meeting with the White House National Economic Council, Office of Management and Budget, and six times with the Treasury Department;
• Meeting with Senate Majority Leader John Thune, Speaker of the House Mike Johnson, House Majority Leader Steve Scalise, and House Financial Services Committee Chairman French Hill;
• Contacting all 535 Congressional offices with key data on the credit union difference;
• Generating more than 861,000 grassroots letters directly to lawmakers; and
• Launching digital ad campaign targeting key tax writers and congressional leaders that has generated over 139 million ad impressions and engaged over 191,000 activists.

With the bill being signed into law, advocates are encouraged to reach out to members of their Congressional delegation through the Don’t Tax My Credit Union take action page, especially   credit union champions who helped protect the credit union tax status throughout the budget reconciliation process.