After months of campaigning, credit unions have officially protected the industry’s tax-exemption status, now that the budget reconciliation bill has been signed into law.

Talk of taxing credit unions was originally brought up by Republicans at the beginning of the year as a means to meet the needs of the budget reconciliation bill—later named the One Big, Beautiful Bill Act. Thanks to the swift action of credit unions around the country, thousands of which rallied behind America’s Credit Unions campaign, Don’t Tax My Credit Union, plans to tax credit unions never made it into the bill.

Despite the early victory, credit union advocacy groups have kept a close eye on the bill as it underwent several changes and votes from both chambers of Congress, during each of which, there was a possibility of taxation being added in. Thankfully, that possibility never came to fruition, and credit unions can breathe a sigh of relief.

Post the bill’s passing, America’s Credit Unions released a statement on the overwhelming success and influence of the Don’t Tax My Credit Union campaign, as well as thanking the President and Congress for their support.

“America’s Credit Unions and the 142 million Americans who rely on credit unions thank President Trump and Congress for recognizing the credit union difference,” said Jim Nussle, America’s Credit Unions President/CEO. “With the President’s signature, H.R. 1 preserves the credit union tax status and our ability to strengthen communities throughout the country. Credit unions stand ready to help even more people reach their American dream, and America’s Credit Unions will continue to work with Congress and the Administration to enact policies that empower our industry.”

Since the start of the campaign, America’s Credit Unions, leagues, and credit unions around the country were “relentless” in their advocacy, managing to:

• Contact all 535 Congressional offices with key data on the credit union difference;
• Generate more than 861,000 grassroots letters directly to lawmakers; and
• Launch a digital ad campaign targeting key tax writers and congressional leaders that has generated over 139 million ad impressions and engaged over 191,000 activists.

It was in no small part thanks to these efforts that the tax-exemption status lives on. However, there is still work to be done. America’s Credit Unions encourages credit unions to once again reach back out to members of their Congressional delegation (either on their own or via the Don’t Tax My Credit Union website) to thank their Representatives and Senators for their support.