Navigating the One Big Beautiful Bill Act: What Credit Unions Need to Know
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings sweeping changes to tax and financial policy. Several of the law’s provisions warrant specific attention from credit unions, especially if involved in education lending, charitable initiatives, or community investment. Below are some of the new law’s most impactful provisions for credit unions. OBBBA introduces a 1% excise tax on foreign electronic remittance transfers, effective after December 31, 2025. Fortunately, transfers made through banks, credit unions, and U.S.-issued cards are exempt. Credit unions offering remittance services should still review the fine print to ensure continued compliance. New “Trump Accounts”, long-term savings accounts for children under 18, are created under the...