This week: With Congress in recess, advocacy focused on interchange, tax status
Congress is out for Memorial Day recess, presenting an opportunity for in-district meetings to thank representatives for securing the credit union tax status and to urge senators to support the credit union industry as the upper chamber goes through its reconciliation process.
In addition to the tax fight, America’s Credit Unions has launched grassroots efforts to combat Sen. Roger Marshall’s, R-Kan., attempt to add language from the Big Box Bailout bill (Credit Card Competition Act) to the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582).
America’s Credit Unions has consistently advocated against this interchange bill, as it would “drive up costs for Main Street America - consumers, small businesses and small financial institutions, including credit unions.” Credit unions are encouraged to share concerns about adding this language when meeting with senators during recess.
The House passed the One Big Beautiful Bill Act (H.R. 1), the budget reconciliation package, last Thursday. The tax status was left untouched in the original draft of the bill and remained out of the legislative text through the markup and amendment process due to credit unions’ continued tax advocacy and unified voice strategy. The Senate will take up the package when Congress returns next week.
America’s Credit Unions Grassroots Action Center and the Don’t Tax My Credit Union website have pre-composed emails available with updated language thanking lawmakers for their support and asking them to continue to preserve the credit union tax status during this critical juncture.
For the latest developments, member credit unions are encouraged to attend America’s Credit Unions’ advocacy update webinar tomorrow at 1p.m. Eastern. Registration for the webinar is open. America’s Credit Unions will continue to lead unified advocacy efforts to ensure the tax status remains secure until the president signs the bill.
Also happening this week:
- Today, comments are due to the Federal Trade Commission on regulatory barriers; and
- Wednesday, the NCUA will host a webinar on planning for retirement.