Budget Committee outreach on credit union tax status
As the House Budget Committee prepares to insert the House Ways and Means Committee’s tax reconciliation language into a larger legislative package, America’s Credit Unions sent a letter to the committee to encourage continued legislative support to secure the credit union tax status in the final bill.
“America’s Credit Unions is pleased to see that Title XI reported by the House Ways and Means Committee recognizes the value of credit unions by not changing the credit union tax status, and we thank the Ways and Means Committee for its leadership in protecting the credit union tax exemption,” wrote America’s Credit Unions President/CEO Jim Nussle. “As the Budget Committee considers this reconciliation package, we urge you to reject any effort that would change the tax status of credit unions as this bill advances to the House.”
The letter also shares support for language in the House Financial Services Committee-passed section of reconciliation that would:
- 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 Civil Penalty Fund money back to the Treasury after payment to direct victims only.
Once the House Budget Committee puts the bill together it would eventually go to the House floor for a vote, which could come as early as next week.