Simpson provides the latest on budget reconciliation outlook

With the potential for a budget reconciliation bill this year beginning to take shape, America’s Credit Unions is engaging with Congress and sharing the latest developments with member credit unions, the League System, and advocates. In a webinar Monday, President/CEO Scott Simpson laid out how the effort to pursue a second reconciliation package is gaining support among congressional Republicans to address legislative priorities that include military readiness and homeland security.  

However, significant political and procedural hurdles remain, as the path to create a bill that has enough votes to pass both the House and Senate remains a clear challenge. There are several procedural markers that must take place before reconciliation could move forward.  

Protecting credit unions’ not-for-profit tax status is a top priority, regardless of reconciliation threats, and America's Credit Unions, state leagues, and industry stakeholders are ready to protect it alongside our credit union members. After successfully keeping the credit union tax status off the table at every step of last year’s reconciliation process, lawmakers know where the industry stands on this issue. 

Lawmakers are scheduled to remain in their states and home districts for two weeks. America’s Credit Unions continues its a measured, targeted approach with key congressional offices and committees while monitoring legislative actions.  

Stay tuned to further communication from America’s Credit Unions and state leagues as updates are available.