Moving together into a new year

As we look ahead to what’s sure to be an eventful 2025, I wish the threat to the credit union tax status was an exaggeration.

But the truth is, tax reform and a focus on reduced spending will dominate policy discussions in Washington, D.C., next year. With key provisions of President Trump’s signature 2017 Tax Cuts and Jobs Act set to expire, these wide-ranging discussions mean everything will be on the table.

It’s up to all of us to ensure policymakers know the credit union tax status is one of the U.S. government’s best policy investments.

The data is clear on that. However, strong advocacy means ensuring lawmakers not only have that data, but actually understand what it means: Supporting the tax status means supporting the constituents and communities they represent. ?

Any change to the credit union tax status needs to be a poison pill – a non-starter – for the proposed legislation. We need our champions to be steadfast in their support of the credit union tax status and refusal to support or vote for any legislation that contains credit union taxation language.

America’s Credit Unions, leagues, and credit unions are built for this kind of advocacy – with boots on the ground to showcase the strength of the credit union movement across the nation – and it takes leaders like you to help us reinforce this strength. ?

The work is already underway, and I look forward to working alongside all of you to create an environment where credit unions and your members thrive. That includes protecting the tax status and pursuing meaningful regulatory modernization for our industry.?

Thank you for a great year, and here’s to a restful holiday season and a happy new year. ?

As of mid-day Friday, Congress is still working on an agreement to fund the federal government past midnight Eastern. We’re closely monitoring the situation and will provide credit unions updates and resources to support members if the government shuts down for an extended period of time.

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Credit unions exempt from FTC ‘junk fee’ rule?

Successful advocacy led the Federal Trade Commission to exempt credit unions from its “junk fees” ban. The FTC rule focuses on hidden travel and ticket fees, such as hotels and events, and leaves highly regulated, standard financial services fees out. America’s Credit Unions outlined the potential negative impact of the FTC’s originally proposed rule on credit union members, and we’re thankful they took our concerns into consideration in its final rule. ?

Read the final rule here

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AI helps credit unions strengthen value to members?

Bethpage Federal Credit Union’s Musadiq Hassanali shared great information on the opportunities and challenges of artificial intelligence (AI) during a Congressional Hispanic Caucus (CHC) roundtable Wednesday. By responsibly implementing an AI program Bethpage saw commercial loan approvals immediately jump 10%, and that’s just a single example of its ability to reach underserved populations. The roundtable coincided with the Bipartisan House Task Force on AI’s comprehensive report release, which echoes many of our recommendations about the future of AI in financial services.?

Read more here

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Relentless advocacy to advance, empower, and protect credit unions:

• We filed a motion for a preliminary injunction against the CFPB’s overdraft rule to halt the Oct. 1, 2025, implementation date and prevent credit unions from spending undue time preparing while a legal challenge to the final rule is still underway. ?
• The NCUA passed its budget this week, and while it’s lower than originally proposed, we remain concerned with the agency’s unsustainable spending. ?
• The CFPB finalized its rule on Property Assessed Clean Energy (PACE) loans, incorporating several recommendations made by America’s Credit Unions’ legacy organizations. ?
• Congress passed a “clean” FY25 National Defense Authorization Act. ?
• Congratulations to the New York Credit Union Association, who saw Gov. Kathy Hochul veto a bill that would have changed the state’s financial laws, and who cited the association’s “operational concerns” in her veto letter.??

Credit Union Impact Dashboard boosts advocacy efforts

Our members are seeing success in using the customizable data available in our Credit Union Impact Dashboard to inform advocacy efforts at the state and federal level. Both the Carolinas Credit Union League and MD|DC Credit Union Association shared how the data is a valuable tool in sharing the credit union perspective on a variety of issues, from our tax status to state and local public deposits. ?

Read about the impact dashboard here

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Registration open for CU FinHealth 25

We all know that supporting our members financial wellbeing is a key component for credit unions. ?Registration is open for CU FinHealth 25, the leading financial wellbeing event for the credit union system, taking place April 1-3 in Anaheim, Calif. This is the ninth year for hundreds of credit union leaders to gather and collaborate on innovative ways for credit unions to continually improve the financial health of the communities left behind by the big banks. The event will feature keynote speakers, panels, discussions, and workshops with all participants.

Register here