Tax, interchange & overdraft – big week in Washington!

It’s been a busy week for credit unions—especially in Washington, D.C. America’s Credit Unions, leagues, and credit unions had a jam-packed week with fly-ins to meet with key committee members in the nation’s capital. It’s part of our ongoing effort to make sure all federal policymakers know the power of the credit union difference, and to raise awareness of the Don’t Tax My Credit Union campaign.

I was glad to be back on Capitol Hill myself, meeting with several Congressional leaders, including ?House Ways and Means Chairman Jason Smith, House Majority Whip Tom Emmer, and House Financial Services Committee Chairman French Hill. These meetings centered on the great work credit unions do every day to bolster community and economic success, leading to productive conversations about additional ways credit unions want to do more. This includes stepping in to serve communities that banks have left behind.

We didn’t just meet with members of Congress. We were also at the White House and met with the National Economic Council, a team that advises the president on economic policy— sharing the many ways credit unions are ready and willing to help grow the economy.

And our message is making an impression. Not only with these one-on-one meetings, but in our digital ads that target key policymakers with clear messaging that highlights how a new tax on credit unions would have a severe negative impact on consumers. Those ads have generated more than 3 million impressions in the first two weeks since launch.

By the way, did you see the credit union story in Punchbowl News this week? Let me know what you think.

Check out Don’t Tax My Credit Union Resources here

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Continuing to fight Illinois interchange law

We’re disappointed in a district court decision denying the credit union injunction against the Illinois interchange law, and are exploring additional options for relief. Our team met with NCUA after the decision to discuss how the agency could support the industry, given federally chartered banks and savings associations and out of state banks received the relief of a preliminary injunction. America’s Credit Unions will have additional insights and FAQs on next steps in our fight available to members.

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CFPB files motion to stay overdraft rule

The CFPB Thursday filed a motion to stay proceedings in our challenge to its final overdraft rule, citing Bessent’s new leadership and needed time to review the rule and litigation. We will continue to advocate for credit unions’ ability to offer programs that support consumers’ financial security.?

Read more here

Credit union relief mentioned at committee hearing

Although it had “community bank” in the title, we worked hard to ensure Wednesday’s House Financial Services Committee hearing also featured a discussion about credit unions. Chairman Hill stated how credit unions have “suffered immensely” under overregulation, and Chief Advocacy Officer Carrie Hunt had a great discussion after the hearing with Ranking Member Waters. We were pleased to see other lawmakers weigh in on the credit union impact and go on the record that credit unions need similar relief. While we’re disappointed the hearing didn’t include a credit union witness, the hearing demonstrated that credit unions face similar regulatory burdens and action is needed.

Read a recap of the hearing here

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Webinar covers what credit unions need to know coming out of D.C.

It’s been a whirlwind of activity these first few weeks of 2025, and Chief Advocacy Officer Carrie Hunt will lead a wide-ranging discussion on what it means for credit unions in a free webinar next Tuesday, Feb. 11. She and other members of the America’s Credit Unions’ team will address which Executive Orders impact credit unions (we also have a new resource available here), our legislative and regulatory priorities, and the latest Don’t Tax My Credit Union campaign updates. The webinar is open exclusively to America’s Credit Unions members. When you register, you can also submit questions – and we’d love to hear what’s on your mind.

Register and submit questions here

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Bipartisan credit union bill introduced

Great news with another bipartisan credit union bill introduced this week: the Credit Union Board Modernization Act. We thank Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., for introducing the bill to modernize federal credit union board meeting requirements. It’s identical to a bill that passed the House in the 118th Congress. We’ll build on that momentum in this Congress to get it across the finish line to provide needed flexibility for credit unions.

Read more here

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

• Treasury Secretary Scott Bessent is now acting director of the CFPB, and immediately instituted a freeze on regulatory activity, for which we advocated. In addition, Russ Vought was confirmed as OMB Director, which means he is also eligible to serve as acting bureau director.?
• House Small Business Committee Chair Roger Williams, R-Texas, introduced a bill to repeal the CFPB’s small business lending data collection rule. ?
• We urged Congress to reject a Senate bill that would create an all-in annual percentage rate cap for credit cards, both with our own letter and in a joint effort with other financial institutions.?
• Head of Regulatory Advocacy James Akin detailed how regulators can unleash credit unions to help grow the economy in an op-ed. ?

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Looking at the 2025 economic forecast

The economy continues its return to normal, despite a period of high inflation and rising interest rates, America’s Credit Unions Head of Emerging Issues and Deputy Chief Economist Curt Long says in this month’s Economic Update video. Curt shares that while the national economic outlook is generally positive, it may be more of a mixed bag for credit unions, with savings growth continuing but loan growth and return on average assets cooling.

Watch the video here