Advocacy Update - February 2025

Here are some important updates on the League’s ongoing efforts to advocate for credit unions at both the state and federal levels. There have been significant changes at the federal level, and we are closely monitoring developments to keep you informed.

Russell Vought, the newly confirmed Director of the Office of Management and Budget (OMB), was also named the Acting Director of the Consumer Financial Protection Bureau (CFPB). Vought has issued several orders, effectively freezing the CFPB. There are lawsuits challenging these orders and the federal funding freeze issued earlier.

We will monitor the situation as the legal proceedings work through the courts and report on any material developments.

As Congress and the administration prioritize tax reform, lawmakers are evaluating ways to offset proposed tax cuts, putting the credit union tax exemption under scrutiny. We continue to actively engage with Connecticut’s Congressional delegation, while America’s Credit Unions launched a targeted digital ad campaign aimed at key committee members. Connecticut representatives currently targeted by these ads include:

• Rep. John Larson (House Ways & Means Committee)
• Rep. Jim Himes (House Financial Services Committee)
• Senator Richard Blumenthal (Senate Armed Services Committee)

During the upcoming GAC visit in March, our meetings will emphasize how the tax exemption benefits millions of members and strengthens local communities.

Proactive Advocacy Efforts:

• Don’t Tax My Credit Union Initiative – DontTaxMyCreditUnion.org provides key information to help members understand the importance of protecting the tax exemption.
• Project Zip Code (PZC) – Helps match members to their congressional and state legislative districts. Project Zip Code | America's Credit Unions
• Member Activation Program (MAP) – Mobilizes members to engage in advocacy efforts when needed. Member Activation Program | America's Credit Unions
• GAC & Grassroots Advocacy – Education campaigns are mobilizing credit union leaders, with tax exemption advocacy being a top priority for Hill meetings.
• Research & Funding – New messaging studies reinforce our advocacy efforts, and over $1.3 million has been raised nationally since December, including $750,000 in pledges.

At the state level, we have proactively addressed proposed interchange bills. Bills, HB 5990 (sponsored by Rep. Jason Perillo) and HB 6460 (sponsored by Rep. Joe Poletta), are currently in the Finance Committee, though full text has not yet been released. We are closely monitoring these bills and proactively engaging with legislators.

The League remains fully committed to advocating for credit unions and their members. If you have any questions or need assistance, please feel free to reach out to me at jmorfea@culct.coop.