STATEMENT from America's Credit Unions on Senate passage of H.R. 1

America's Credit Unions President/CEO Jim Nussle issued a statement following the Senate passage Tuesday of H.R. 1:

“We thank the U.S. Senate for securing the credit union not-for-profit tax status and not adding a new tax on 142 million credit union members as part of H.R. 1. Hard working Americans and their communities rely on the competitive rates and personally tailored services offered by credit unions to achieve their American Dream. By preserving the credit union tax status, it provides consumers across the country with more opportunities to achieve financial freedom.” – Jim Nussle, America’s Credit Unions President/CEO

Background:

America's Credit Unions has been preparing a unified advocacy strategy for tax policy discussions for the past year, recognizing that many of the 2017 Tax Cuts and Jobs Act provisions would expire in 2025. America's Credit Unions PAC, in partnership with leagues, identified credit union champions to support during the 2024 election cycle. Following the presidential election, the credit union industry came together to further develop its tax strategy.

Through the Don't Tax My Credit Union campaign, which began laying the groundwork with lawmakers during swearing-in events in January, America's Credit Unions, leagues, and credit unions have:

• Met with Senate Finance Committee Chairman Mike Crapo and Republican committee members;
• Met with every Republican member of the House Ways & Means Committee, including Chairman Jason Smith several times;
• Met with the White House National Economic Council, Office of Management and Budget, and Treasury Department (6x);
• Met with Senate Majority Leader John Thune, Speaker of the House Mike Johnson, House Majority Leader Steve Scalise, House Financial Services Committee Chairman French Hill;
• Contacted all 535 Congressional offices and 100 Senate offices with key data on the credit union difference;
• Generated more than 861,000 grassroots letters directly to lawmakers; and
• Launched digital ad campaign targeting key tax writers and congressional leaders that has generated over 122 million ad impressions and engaged over 180,000 activists

America's Credit Unions and the credit union industry will continue these unified advocacy efforts to ensure the Trump Administration and lawmakers recognize the value of and secure the credit union tax status in final legislation.