This week: Tax provisions release, credit union advocates in D.C., House Financial Services hosts hearings
Congress remains focused on budget reconciliation legislation, and the House Ways and Means Committee is working on tax language and expected to release the complete text today in advance of Tuesday’s markup. Friday’s initial draft did not mention credit unions, and America’s Credit Unions will provide updates as soon as more information is available.
Outreach with lawmakers is ongoing, with America’s Credit Unions, credit union leaders and leagues meeting with members of Congress to challenge banker rhetoric and urge lawmakers’ support for the credit union tax status. Community bankers are in town this week in large numbers for an annual Capital Summit, and asking Congress to remove the credit union tax status is a top provision on their policy agenda.
Scott Shults is president/CEO of Riverways Federal Credit Union, which is located in Ways and Means Committee Chairman Jason Smith’s district. He encourages credit unions to keep weighing in with Congress, sharing their impact on the community.
“We’ve got to do a really good job of selling our story and why we are different, and why [taxing credit unions] is a bad thing for the American people,” he said.
Take action by contacting Congress.
Also happening this week:
- Comments are due today on an Office of Management and Budget request for information on identifying rules to be rescinded. This request was initiated as part of the Trump Administration’s goal for deregulation;
- On Wednesday, the House Financial Services Committee conducts a hearing on housing innovation. It begins at 10 a.m. Eastern and will be livestreamed; and
- On Thursday, the House Financial Services Committee holds a hearing on bank mergers. The hearing will begin at 2 p.m. Eastern and will be livestreamed.