WASHINGTON (7/31/13, UPDATED 11:36 a.m. ET)--A senior Republican member of the House, and full committee chairman, has publicly endorsed the continued tax-exempt status of credit unions in any tax reform plan, noting he is "opposed to increasing taxes, including raising taxes on credit unions."
Rep. Mike Rogers (Mich.), chairman of House Intelligence Committee, added that credit unions play a critical role in the nation's economy.
"As deregulation of portions of the financial services sector narrows the operational gap between banks and credit unions, some have advocated changes in the tax and regulatory structures that govern them," he said.
"However, the fact of the matter is that credit unions hold a unique and crucial place in the nation's financial system and deal with different types of clients than most commercial banks. Due to credit unions' effectiveness in serving the needs of their members, I am particularly cautious about altering the regulatory framework that has long served them."
Michigan Credit Union League & Affiliates CEO David Adams thanked Rogers for standing up for credit unions.
"The entire credit union community should be deeply appreciative of Congressman Mike Roger's statement of support for the credit union tax exemption," Adams said.
"As chairman of the House Intelligence Committee, Congressman Rogers has tremendous influence on policy matters in the House of Representatives. This clear and strong statement of support will carry a lot of weight with his colleagues."
Rep. Dan Kildee (D-Mich.) has also spoken out in support of the credit union tax exemption, as has Sen. Mark Begich (D-Alaska).
Friday, July 26, was the deadline for senators to submit their tax reform proposals to Finance Committee leaders. The lawmakers are now expected to begin to build legislation to create a comprehensive proposal for a new U.S. tax code.