Simpson: Credit unions ready to engage if there’s a second reconciliation bill

Senate Budget Committee Chairman Lindsey Graham, R-S.C., issued a statement Monday that the committee will “expeditiously move toward creating a second budget reconciliation bill.” Last year’s initial reconciliation process led to the credit union movement’s intensive and successful effort to secure the credit union tax status.  

“We have always known that budget reconciliation remained a potential legislative pathway for advancing significant policy changes. We recognize an ever-changing funding priority landscape, but looking at credit unions’ tax status as a ‘pay for’ must be off the table,” said America’s Credit Unions President/CEO Scott Simpson. “To fund these new priorities off the backs of 145 million credit union members, our teachers, first responders, farmers, and our military men and women, would be irresponsible of Congress. We should not use this moment to take away the economic freedom of everyday Americans who rely on credit unions.

"America’s Credit Unions and the broader credit union industry are prepared to engage. The budget reconciliation pathway is anything but certain, and credit unions are ready to engage.  As additional details emerge and the legislative process moves forward, we stand ready to fully mobilize our advocacy efforts,” he added. "Congress is already well aware of our position following recent engagement on these issues, and our perspective will be clear, consistent, and firmly grounded in ensuring consumers maintain access to safe, affordable financial services. We stand ready to work with Congress to ensure this effort delivers real economic benefits for consumers and communities across the country.” 

H.R. 1 was passed and enacted in 2025 following the budget reconciliation process. America’s Credit Unions, leagues, and credit unions successfully secured the credit union tax status through each phase of negotiations.