America’s Credit Unions, the association representing credit unions, is continuing its advocacy efforts to ensure the credit union tax status remains secure.
In a letter sent to federal lawmakers this week, Jim Nussle, president and CEO of America’s Credit Unions, urged congressional tax committee leaders to continue to protect credit unions’ tax status if any additional reconciliation package is considered.
This comes as some key Republican leaders are mulling an additional budget reconciliation effort in the 119th Congress.
In his letter, Nussle reminded members of Congress of the following facts:
- Credit unions use the tax status seriously and use it to help more than 144 million members, delivering an estimated $35 billion in financial benefits in 2024 for consumers, compared to the estimated “cost” of $2.6 billion in tax revenue; and
- Credit unions do not distort competition, despite bank lobbyist claims, as their market share has been below 10 percent since receiving a federal charter.
The organization noted that the budget reconciliation package was signed into law without any mention of credit unions’ tax status. The association stated that America’s Credit Unions, leagues, and credit unions worked for months to share the Don’t Tax My Credit Union message.
Credit union advocates met with all 535 Congressional offices, including the leaders of House and Senate tax-writing committees. They generated more than 861,000 grassroots messages to Congress and launched a digital ad campaign that generated more than 139 million impressions in support of the tax status.