Legislative Update with Chesney

Debt and tax talks are back—credit union voices matter more than ever. Plus new postcard station at 2025 Summit and SD GAC golf registration!

by Chesney Garnos, Executive Director of Government Affairs
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Congress is Back in D.C.
The House is back in Washington this week as negotiations ramp up on the reconciliation package ahead of the self-imposed Memorial Day deadline. A key focus will be the Treasury Department’s upcoming release of the “X-date”; this is the projected day when the U.S. will exhaust its borrowing authority under the debt limit.

Republicans are pushing to tie a debt ceiling increase into the reconciliation bill, with proposals calling for a $4 trillion hike in the House and a $5 trillion increase in the Senate. At the same time, House Republican tax writers are negotiating potential offsets, including revenue-raising measures, repeals of clean energy tax credits, and changes to the state and local tax (SALT) deduction cap.

With Congress back in session after their district work periods, attention is turning to tax legislation. The House Ways and Means Committee has the goal of marking up a new tax package within the next two weeks. This makes credit union advocacy more important than ever.

​Engagement in the Don’t Tax My Credit Union campaign has reached a critical juncture. Get involved by contacting our delegation through the grassroots action platform. Also, learn about our new  "Don’t Tax My Credit Union" Postcard Station that we will have available at the Summit in Fargo!

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​Also happening this week: 

• Today, the House Financial Services Committee holds a hearing on regulatory overreach and legislation to curb mortgage trigger leads, the Homebuyers Privacy Protection Act (H.R. 2808), a bill that America’s Credit Unions’ has supported; and
• Wednesday, the House Financial Services Committee holds a markup of its portion of the reconciliation package. 

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​Last but certainly not least, I want to thank Defense Credit Union Council for hosting a townhall discussion with Congressman Tom Emmer, U.S. House Majority Whip. It was a great opportunity to hear from the senior member of the House Financial Services Committee; he provided key insights on the current tax reform status and goals he has for strengthening America's financial sector.

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Get Involved in Advocacy at This Year’s Summit!
Join us in Fargo for several exciting ways to support credit union advocacy! 

• Stack the PAC Recognition Event: Celebrate those who’ve contributed to our state and federal PACs in North and South Dakota! If you haven’t donated yet, no worries—join us by donating $24 at the door, with complimentary drinks included.
• Silent Auction: Support the Roger Heacock Scholarship Fund by donating an item HERE or bidding in our auction. Proceeds help send Dakota credit union professionals to the GAC in Washington, D.C. and Hike the Hill events.

​Register Now – Limited Spots Left!
Back by popular demand, we’re heading east of the river! Join the South Dakota Governmental Affairs Committee on Thursday, July 10, 2025,  at River Ridge Golf Course, in Garretson, SD, for our annual event—an exclusive day of golf, networking, and advocacy with fellow credit union leaders and local legislators. Register Here and find the details for the day below:
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Schedule (CST):
• 9:00 a.m. – Registration
• 10:00 a.m. – Shotgun Start
• 2:00 p.m. – Social, food, live music
• 2:30 p.m. – Awards & Legislator Recognition

Stay with Us:
Book a room at the brand-new Canopy by Hilton, downtown Sioux Falls. Call 605-275-4120 and reference Dakota Credit Union Group. You can also use this reservation link to book your room.

For any questions following the legislative session or other advocacy-related queries, please don't hesitate to reach me at [email protected].