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The credit union tax exemption is untouched in "Tax Reform 2.0" led by House Ways and Means Committee Chairman Kevin Brady, R-Texas. NAFCU has maintained its constant defense of the industry's tax status on Capitol Hill and met with Brady in June to thank him for his role in preserving the status throughout tax reform efforts.

Three bills were introduced earlier this week that comprise the new tax reform push:

• The Protecting Family and Small Business Tax Cuts Act (H.R. 6760) would make permanent some of the provisions of the Tax Cuts and Jobs Act related to individual, family and small business tax cuts.

• The Family Savings Act (H.R. 6757) would make tax code changes to encourage retirement savings.

• The American Innovation Act (H.R. 6756) would revise various tax provisions to encourage the formation of startup businesses.

The House Ways and Means Committee has scheduled a mark-up of the package for this Thursday. 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.