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Credit unions' tax-exempt status remains untouched following the House Ways and Means Committee's mark-up of the "Tax Reform 2.0" package Thursday. NAFCU met in June with Committee Chairman Kevin Brady, R-Texas, who has led tax reform efforts, to thank him for his role in preserving the industry's tax exemption.

The tax reform package contains three bills related to individual, family and small business tax cuts included in last year's Tax Cuts and Jobs Act, retirement savings and startup businesses. The bills were advanced out of committee and now move to the full House for consideration.

NAFCU will continue to monitor tax reform efforts to keep credit unions informed on how their operations and members might be affected. The association remains engaged with lawmakers to tout the benefits of the tax exemption and defend the industry against unwarranted attacks from bankers, as seen in this Wall Street Journal article earlier this year.