Emphasizing credit union difference prior to House budget vote
As the House prepares to vote on the Senate-passed budget resolution, America’s Credit Unions urged lawmakers in a letter sent Wednesday to reject any tax-related amendments. The resolution cleared the House last night, and contains no tax-related provisions, and any changes would send the resolution back to the upper chamber.
“By providing safe, affordable financial service products, credit unions are an economic catalyst. In 2025 alone, credit unions generated $352 billion in economic output, supported 1.3 million jobs, and generated $40 billion in tax revenue, all while lowering everyday costs and improving access to the financial needs of hard-working American families,” America’s Credit Unions’ letter reads.
It also adds that credit unions:
- Focus on consumers, as the overwhelming focus of credit unions is on making loans and providing services to American households;
- Delivered approximately $42 billion in financial benefits in 2025, nearly 17 times the “cost” of the tax status (estimated by the Joint Committee on Taxation to be $2.8 billion in 2026);
- Provide lower loan rates, higher savings yields, and lower fees on average than other types of financial institutions, improving consumer affordability in the marketplace; and
- Continue to deliver massive savings and affordable services to consumers, despite a single-digit market share.
America’s Credit Unions sent a similar letter prior to the Senate’s floor vote on the resolution last week. In that instance, no amendments were adopted.
The organization also remains engaged with both chambers of Congress during this week’s community banker fly-in, with Chief Advocacy Officer Kathleen Coulombe writing to offices with similar data to counter any false claims about credit unions and their tax status.
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