Washington, D.C (May 22, 2025) |
More than 600 credit union presidents and CEOs joined together to send a letter to the U.S. House of Representatives ahead of the vote on the One Big Beautiful Bill.
On behalf of America’s roughly 4,500 credit unions, we write to extend our gratitude for your commitment to the American people. We know that each of you has America’s best interests at heart and want each American to have the opportunity to succeed. To be productive. To be fulfilled. To realize their potential. And when that happens, America becomes stronger,” the leaders wrote.
The One Big Beautiful Bill secures the credit union industry’s not-for-profit tax status. The letter reiterates that credit unions stand ready to help Congress strengthen America and urge lawmakers to pass the legislation.
“The story of America’s credit unions is the story of America: created out of necessity in response to adversity. Bringing people together to create a better life and fulfill the American Dream. Our tax status reflects our mission—to foster financial well-being, strengthen communities, and serve those consumers that banks have left behind. Taxing credit unions means taxing the very people who rely on us the most. Credit unions were created by their members to fan those flames. To build homes. Better neighborhoods. Better communities. And in turn, a better America.”
There is a credit union in every Congressional district and the industry serves more than 142 million Americans—1/3 of the nation’s population. The not-for-profit status creates tremendous economic opportunity throughout the country.
“Credit unions are one of the best investments the U.S. government makes with a roughly 1,300% annual rate of return. Removing the credit union tax exemption would cost the federal government $30 billion in lost income tax revenue over the next 10 years. GDP would be reduced by $266 billion, and 822,000 jobs would be lost over the next decade, but more importantly the 142 million Americans, small businesses, and communities that we collectively serve will be left behind when they need us the most.” Read the full letter here.
Background:
America's Credit Unions has been preparing a unified advocacy strategy for tax policy discussions for the past year, recognizing that many of the 2017 Tax Cuts and Jobs Act provisions would expire in 2025. America's Credit Unions PAC, in partnership with leagues, identified credit union champions to support during the 2024 election cycle. Following the presidential election, the credit union industry came together to further develop its tax strategy.
Through the Don't Tax My Credit Union campaign, which began laying the groundwork with lawmakers during swearing-in events in January, America's Credit Unions, leagues, and credit unions have:
- Met with every Republican member of the House Ways & Means Committee, including Chairman Jason Smith several times
- Met with the White House National Economic Council, Office of Management and Budget, and Treasury Department (6x)
- Met with Senate Majority Leader John Thune, Speaker of the House Mike Johnson, House Majority Leader Steve Scalise, Senate Finance Committee Chairman Mike Crapo, House Financial Services Committee Chairman French Hill
- Contacted all 535 Congressional offices with key data on the credit union difference
- Generated more than 830,000 grassroots letters directly to lawmakers
- Launched digital ad campaign targeting key tax writers and congressional leaders that has generated over 122 million ad impressions and engaged over 180,000 activists
America's Credit Unions and the credit union industry will continue these unified advocacy efforts to ensure the Trump Administration and lawmakers recognize the value of and secure the credit union tax status in final legislation.