WASHINGTON—As the reconciliation process continues this week in Washington, with the House Budget Committee advancing the bill in a late Sunday vote, America’s Credit Unions and the Defense Credit Union Council remain optimistic about the future of the CU tax exemption.
A House floor vote is possible by the end of the week.
“On the tax bill, obviously we're in continued good shape as we now have gotten through the Budget Committee securely. Now we move to the Rules Committee, said ACU President and CEO Jim Nussle, adding that after some additional negotiations on SALT and Medicaid the bill is expected to be passed through the House of Representatives before the Memorial Day holiday. “I feel like we're in really strong shape.”
As the budget reconciliation package heads to the House floor this week, DCUC said it is urging lawmakers to maintain credit unions tax-exempt status.
“Any attempt to alter this status would directly harm the millions of service members, veterans, and military families who rely on defense credit unions for affordable financial services,” said DCUC Chief Advocacy Officer Jason Stverak. “Credit unions reinvest every dollar back into their members—not shareholders—and taxing them would reduce access to credit, increase costs, and jeopardize financial readiness across our armed forces. Congress must reject any proposal that undermines this essential community-based model.”
Other events in Washington this week:
Tuesday
- The House Financial Services Committee will mark up two dozen pieces of legislation, including the Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 3380), introduced by Rep. Barry Loudermilk (R-GA). The bill would require that rules promulgated by regulators be tailored to fit financial institutions’ business models and risk profiles.
Wednesday