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At the second day of NAFCU's Congressional Caucus, House Ways and Means Committee Ranking Member Sandy Levin, D-Mich., and House Chief Deputy Whip Patrick McHenry, R-N.C., both touted the importance of the credit union tax exemption.

Levin praised credit unions for their "deeply rooted nature within the community" and said credit union members should emphasize that positive relationship to lawmakers to continue to protect the industry's federal corporate income tax exemption. "I think you can be assured that there will be no change in your tax status," he said.

Levin also noted that credit unions "were about the only place that people could turn" to during the financial crisis, when banks restricted their lending. He also emphasized the importance of credit union representatives speaking with lawmakers in person, if possible.

McHenry also noted the "social importance of credit unions," thanked attendees for "the opportunities you provide to communities" and noted the importance of preserving the tax exemption. He criticized NCUA budget increases and called for more budget transparency from the agency. He also criticized the agency's second risk-based capital proposal and said he had been proud be among the hundreds of lawmakers who raised concerns about it.

McHenry also said that, despite economic improvements since the financial crisis, he still sees "deeply disturbing economic undercurrents" in the trends of consumers preferring to rent homes instead of buy them, and college graduates living with their parents. He said credit union regulators must focus on the impact their rules will have on credit union members and their families, in order to allow credit unions to serve communities effectively.