WASHINGTON—The U.S. House of Representatives has passed H.R. 1, the One Big Beautiful Bill, which leaves the credit union tax exemption in place.
The Defense Credit Union Council and America’s Credit Unions reacted to the bill’s passage.
“DCUC thanks the House for protecting the industry's tax-exempt status,” said DCUC President and CEO Anthony Hernandez. “This is an important part of delivering critical financial services to millions of Americans across the country and for our troops overseas. There are still several hurdles to overcome. DCUC will remain on the watch as the bill makes it way to the President's desk.”
“Thank you to the U.S. House of Representatives for securing credit unions' not-for-profit tax status as part of H.R. 1 and recognizing the industry's importance to strong Main Streets across the country,” said America's Credit Unions President/CEO Jim Nussle. “More than 142 million Americans trust and rely on credit unions to achieve their American Dream, and this bill allows them to continue on their path of financial freedom. We will continue to advocate for policies that create more opportunities for credit unions to bolster our nation's economic prosperity. We call on the U.S. Senate to continue to protect the credit union tax status as they consider this legislation."
DCUC Chief Advocacy Officer Jason Stverak said the passage of the House budget package marks an important moment for credit unions—one that reflects the strength of the movement's united voice and the "tireless" work of credit union advocates across the country.
"The legislation, as passed, protects the credit union tax status—a critical victory for our industry and the 142 million Americans we serve," Stverak reminded. “But this race is not over. The Senate still must debate and pass their version of the bill, and both chambers will need to come together to reconcile their differences. DCUC remains laser-focused on ensuring that no changes are made to the credit union tax status at any point during this process. We only achieve that outcome when our entire industry stands together—not as a single voice, but as a chorus—advocating for the credit union difference.
"This victory is a reminder of what’s possible when we lead with purpose and speak with one message: credit unions are essential to the financial well-being of our military, veterans, and communities across America. DCUC will continue to engage with Congress and the Administration to protect and advance the mission of not-for-profit, member-owned credit unions," concluded Stverak.