WASHINGTON— Both the Defense Credit Union Council and America’s Credit Unions say they are ready to take all necessary steps to defend the credit union tax exemption as the budget bill heads into what is expected to be its final two weeks before passage.
DCUC Chief Advocacy Officer Jason Stverak said his organization will be closely monitoring Senate activity as lawmakers push to pass the budget reconciliation bill by the July 4 weekend. He noted DCUC is particularly focused on any efforts by the Senate to identify funding sources to cover shortfalls in the current proposal.
“We will remain vigilant in our efforts to ensure that our defense credit unions’ and the entire credit union industry's voices are heard—that there should be no changes to the credit union tax tatus,” Stverak said. “We've been informed the Senate plans on working through the weekend, and if need to be up through July 4th, to get the reconciliation bill passed.”
Stverak emphasized DCUC has been “laser focused on the threats to our members’ tax status since last year. And when others said do not worry, we worked with our members to lobby their members of congress on this issue. With something as monumental as protecting the credit union tax status, DCUC hasn’t taken a day off.”
Stverak noted that Monday morning DCUC sent two letters, one to the Senate Finance Committee on protecting the credit union tax status, and the other to the House Financial Services Committee ahead of Fed Chair Powell's testimony.ACU Chief Advocacy Officer Carrie Hunt acknowledged the Senate is “rocketing” towards its self-imposed July 4 deadline.
“As of now it looks like we are on track for that, given the timing,” Hunt said.
Hunt said America’s Credit Unions is making one “final major push” to safeguard the credit union tax exemption.
“We're having a letter go to Congress this week from our credit union CEOs. And like we did on the House side, we are continuing grassroots efforts focused on thanking members of Congress for protecting the credit union tax exemption—and making sure that support stays strong until the ink is dry,” Hunt said, noting ACU’s efforts this week are extensive.
ACU has termed its latest efforts the Don’t Tax My Credit Union Week of Action, and the program kicked off Monday.
Also happening this week in Washington:
Tuesday
- A Senate Banking Subcommittee tackles legislative frameworks for digital asset market structure
Wednesday
- Federal Reserve Chairman Jerome Powell presents the Fed’s Semi-Annual Monetary Policy Report to Congress before the House Financial Services Committee on Tuesday and the Senate Banking Committee
Thursday
- A House Financial Services Subcommittee is scheduled to examine regulatory actions of the CFPB under former director Rohit Chopra.