WASHINGTON--The Defense Credit Union Council Wednesday sent letters to the House Budget Committee advocating for the preservation of the credit union tax exemption as the committee deliberates on federal budget and reconciliation.
DCUC emphasized that for nearly a century, credit unions have seen bipartisan support and recognition of the distinct structure, purpose, and impact credit unions have within the nation's financial sector, providing financial services that the for-profit sector does not adequately supply—often for working-class Americans, military families, small businesses, and underserved or deserted communities.
DCUC told the committee it strongly believes that preserving the credit union tax exemption is not just sound policy, it is a commitment to financial inclusion and economic stability.
“We cannot stress enough the ripple effect this would have on communities across America, particularly those that are underserved, rural, or vulnerable,” said DCUC Chief Advocacy Officer Jason Stverak. “As budget reconciliation and other discussions unfold, it is critical that our leaders in Washington fully understand the consequences revoking or altering this tax status would bring to Americans' access of essential financial services. We will continue to actively monitor these discussions and seek to equip all committee members and leaders with the information needed to support their decision-making.”