This week: Tax legislation remains top-of-mind for lawmakers, credit union industry

Congress is in session this week, with tax legislation at the top of the House Ways and Means Committee’s to-do list. America’s Credit Unions remains engaged with lawmakers, urging support of the credit union tax status. Texas credit union advocates are scheduled to fly-in for visits with their members of Congress this week, following the efforts last week on Capitol Hill by Arkansas, Missouri, Oklahoma, Pennsylvania, Maryland, and Washington, D.C.-based credit union leaders in urging support for the credit union tax status.

Two deadlines in the legal challenge from dismissed NCUA Board members Todd Harper and Tanya Otsuka are approaching. Wednesday is the deadline for defendants to file their opposition to the lawsuit and May 12 is the deadline for the plaintiffs’ reply.

America’s Credit Unions is monitoring the lawsuit while advocating to Congress and the administration for an independent NCUA led by a full, bipartisan, three-member board. An FAQ document is available online, with ongoing updates.

Also happening this week: 

• Tomorrow, a joint House Financial Services Committee and Agriculture Committee hearing will tackle innovation and digital assets;
• Also tomorrow, the House Appropriations Committee will provide oversight of the Treasury Department, with Treasury Secretary Scott Bessent to testify;
• Wednesday, Bessent heads to the House Financial Services Committee to  testify on the state of the international financial system; and
• Wednesday, the 2025 National Credit Union Roundtable kicks off.