Delivering tax strategy messages to Congress kicks off this week

With the budget reconciliation package moving towards a potential House vote at the end of this week, America’s Credit Unions is reaching out directly to House members and staff about the importance of maintaining the credit union tax status and its impact on members and communities.

The House Rules Committee has scheduled an early morning meeting on the bill starting Wednesday at 1 a.m. Eastern, after the House Budget Committee advanced the bill – with no mention of the credit union tax status - late Sunday night.

America’s Credit Unions’ outreach to the Hill Monday highlighted how a majority of Americans support the credit union tax status, more than one-third of Americans are credit union members, and credit unions continue to provide safe, affordable financial services to those left behind by for-profit banks.

“In the 91 years since the Federal Credit Union Act became law, credit unions have consistently held less than 10% share of the banking market by assets while serving 142 million Americans—over 1/3 of the U.S. population. In the past 30-plus years, the largest banks have seen their share of assets rise from 41% to 75%,” the message reads.

The email graphic used data demonstrating how a small number of big banks dominate the depository industry, with the banking industry holding 91.2% of depository institution assets. The message also links to America’s Credit Unions’ resources on the importance of the credit union tax status, with information on:

• How credit unions operate;
• The numerous negative consequences that would come with changing the tax status;
• The impact credit unions have on consumers, $38 billion in member and non-member benefits in 2024; and
• Details on the more than $26 billion in federal taxes and $15 billion in state and local taxes credit unions paid in 2024.

This content and other resources are available on America’s Credit Unions’ website and the Don’t Tax My Credit Union website, including a social media toolkit to share your credit union impact stories.  Credit union advocates are encouraged to contact members of Congress to urge continued support and thanks.

America’s Credit Unions invites credit union CEOs to sign an open letter by Wednesday, and it will be delivered to all House members before a floor vote.