Credit Unions Cheer Omission From GOP Tax Megabill, Eye Senate

Credit unions are breathing a sigh of relief after House lawmakers’ $3.8 trillion tax legislation left untouched a long-standing exemption.

Now they have their eye on the Senate, where Republicans are looking to put their own stamp on the package.

Congress in the 1930s granted tax-exempt status to credit unions, which, unlike traditional banks, require customers to register as members.

The industry’s allies in Washington have mounted an aggressive campaign in favor of their current tax status, spending $1.2 million in the first quarter of 2025 on lobbying to protect their exemption and other priorities. Lobbyists for America’s Credit ...