Katie BaileyLast week, The League of Credit Unions, along with Florida credit union leaders from congressional districts 4 (Rep. Aaron Bean), 16 (Rep. Vern Buchanan), and 17 (Rep. Greg Steube), met with key Republicans on the House Ways & Means Committee to discuss the importance of preserving the federal income tax exemption for credit unions. The group stressed the negative impact that tax changes could have, especially in communities already underserved by traditional banks.
Representative Buchanan, a former small business owner, recognizes the critical role financial institutions play in supporting local businesses. Representative Steube shares credit unions’ commitment to rural communities, and Representative Bean continues to advocate for policies that benefit community-based financial institutions.
Credit unions are a cornerstone of Florida’s economy, empowering small businesses, promoting financial literacy, and offering affordable credit to communities in need. Despite this proven track record of community impact, there are still those pushing to impose taxes on credit unions—policies that would undermine their ability to serve underserved populations.
The League, alongside its members, remains committed to educating lawmakers on the critical role credit unions play. This is especially important as the banking lobby continues to target larger credit unions with new tax strategies.
As we look ahead to the Governmental Affairs Conference (GAC), The League will continue advocating for the contributions credit unions make to job creation, economic growth, and local communities.
