WASHINGTON--The House passed the latest version of "reconciliation 2.0" by a 214-212 vote Tuesday, without any financial services-related provisions. As it already passed the Senate, the budget bill now goes to the president to sign, America's Credit Unions reported.
America's Credit Unions said it remains engaged with legislators, including leaders from tax writing Senate Finance and House Ways and Means committees, should additional reconciliation legislation be proposed.
Jason Stverak
The Defense Credit Union Council said it is "encouraged" that the House-passed Reconciliation 2.0 package did not include provisions impacting credit unions, financial services, or the federal credit union tax status.
"Throughout the reconciliation process, DCUC remained actively engaged with congressional leaders and key committees to ensure that defense credit unions and the millions of military members, veterans, and their families they serve were not negatively impacted by legislative proposals that could undermine their mission," stated DCUC Chief Advocacy Officer Jason Stverak. "The absence of financial services provisions in this package is welcome news for credit unions. However, it should not be viewed as the end of the conversation. As Congress continues its work on appropriations, tax policy, financial services legislation, and potential future reconciliation efforts, DCUC will remain vigilant in protecting the credit union difference and advocating for policies that strengthen financial readiness across military communities."
Stverak noted that DCUC has consistently urged policymakers to recognize that the federal credit union tax status is not a tax loophole. "but rather a recognition of the cooperative, not-for-profit structure that allows credit unions to return value directly to their member-owners. Preserving that framework remains one of our highest advocacy priorities. We appreciate the engagement of lawmakers who continue to understand the importance of credit unions and the role they play in strengthening local communities and supporting those who serve our nation. We also thank our member credit unions, grassroots advocates, and industry partners who helped ensure policymakers understood the real-world impact legislative proposals can have on military families and consumers.
"While the outcome is positive, DCUC’s advocacy efforts will continue. We will remain fully engaged as Congress considers future legislative packages and regulatory proposals, ensuring that defense credit unions maintain the ability to serve those who serve our country,” concluded Stverak.