The Senate Banking Subcommittee on Economic Policy’s hearing on tax reform was the second to address taxes this week and the second in which the credit union tax status was not mentioned.

America’s Credit Unions submitted comments for both this and the Joint Economic Committee hearing, demonstrating that the credit union tax status represents one of the best investments the federal government makes.

“The tax-exempt status afforded to credit unions allowed them to serve areas and people that banks would not serve. By every account, this legislation has been an unparalleled success,” wrote America’s Credit Unions President/CEO Jim Nussle wrote to both committees, adding that the credit union tax status brings $35 billion in annual financial benefits to members and non-members, and estimated 1,300% rate return on the so-called “cost” of the tax status.

With several provisions of the Tax Cuts and Jobs Act scheduled to expire in 2025, America’s Credit Unions, Leagues, and credit unions continue to engage with members of this and other