Member News

Registration is required for members to attend.

Our Annual Meeting is coming up and this year we are going virtual!

Register for the meeting HERE.

Things to know!

  • Members must register by 1 PM on Monday, March 2, to receive the link.

  • Link will be sent at 4 PM on the day of the meeting.

  • You may also register by texting 409-842-5233 and requesting the registration link, or by scanning the QR code below.

IRS Issues Proposal on Vehicle Loan Interest Deduction

H.R. 1, the Budget Reconciliation Bill (the “Bill”) was passed by both chambers of Congress on July 3, 2025, and was signed into law on July 4, 2025. Section 70203 of the Bill establishes a $10,000 temporary tax deduction for passenger vehicle loan interest and new reporting requirements for lenders receiving $600 or more in interest on certain qualifying vehicle loans.

The credit union provides a monthly statement to all members at the close of the year 2025. The statement dates are from December 1st to December 31st. This statement will provide you with your YTD interest paid on your loans financed by the Credit Union. If you need assistance with obtaining a copy of your December 2025 bank statement, please contact us.

What is a qualifying vehicle loan according to the bill?

· The vehicle loan originated/disbursed on or after 1/1/2025.

· The original use commences with the taxpayer.

· The vehicle has at least 2 wheels.

· The vehicle is in a qualified vehicle classification.

· The vehicle is treated as a motor vehicle under title II of the Clean Air Act.

· Vehicle final assembly is in the United States.

· The vehicle ’s gross weight is equal or greater than 14,000 pounds.

The bill excludes any vehicle the “final assembly” of which did not occur within the United States. The dealership should be able to provide clarity on the final assembly location. The vehicle’s label attached to the vehicle when purchased from a dealer should also list the factory where final assembly occurred. FMembers may also use a vehicle’s VIN number to determine the final assembly location. The National Highway Traffic Safety Administration has a VIN decoder website that will provide the factor where final assembly occurred. For that information, please visit this website, https://www.nhtsa.gov/vin-decoder

For further questions, please email Kelly Davis at kdavis@commoncentscu.com.

Operational Update - Corporate Office

We temporarily reopened the corporate office drive-thru this year in response to your member survey feedback. After careful monitoring and evaluation, we recorded very limited transaction volume. Because we want to use our resources responsibly and utilize our staff where they serve the most members, the final day of service at this location will be December 30, 2025.

Our Beaumont and Winnie branches continue to proudly serve you with full lobby and drive-thru services.  Our digital banking is always available for quick and easy access, 24/7.

We truly appreciate your understanding and continued support as a valued member of CommonCents!