Last week, the House passed its version of the “Big Beautiful Bill” or H.R. 1, marking a significant initial win for the credit union industry—particularly regarding the preservation of the credit union tax exemption. Notably, the House version did not include any provisions that would alter or eliminate this vital exemption, representing a key victory in our ongoing advocacy efforts during the reconciliation process.
Now, the focus shifts to the Senate, which will begin crafting its version of the bill following the Memorial Day District Work Period. While lawmakers are in their home districts, our advocacy work must continue at full force. We urge all stakeholders to remain engaged—watch for updated advocacy alerts and continue collecting and delivering postcards to your local Senate offices. Every voice and action counts.
Meanwhile, another significant development is unfolding in the Senate: the introduction of the GENIUS Act by Senators Bill Hagerty and Tim Scott. This marks the first major banking legislation to advance to the Senate floor in several years, and as a result, a flurry of potential amendments is on the horizon.
Among the proposals rumored to be attached are the Credit Card Competition Act and an amendment from Senator Josh Hawley to cap credit card interest rates at 10%. Whether these amendments will be adopted and voted on remains uncertain. The bill’s sponsors and Senate leadership are expected to work diligently to avoid controversial additions that could jeopardize its passage.
As we head into a potentially high-stakes summer in Washington, Your League will continue to monitor these developments closely. Our advocacy efforts will remain focused, strategic and persistent to ensure the best possible outcomes for credit unions and their members.
