White House Chief of Staff Jack Lew will be nominated forTreasury secretary by President Obama Thursday, according toseveral news sources.

If confirmed by the Senate, Lew would replace Timothy Geithner, who has said he doesn't wish to serve asecond term and will leave the post by Jan. 31.

Lew served under both Obama and President Bill Clinton asdirector of the Office of Management and Budget. In betweenadministrations, he worked as chief operating officer ofCitigroup's Alternative Investments unit, where he oversaw asuccessful hedge fund investment that predicted the collapse of thehousing market.

If confirmed, Lew will face the immediate task of working withCongress to raise the federal government's $16.4 trillion debtceiling after the statutory limit was reached on Dec. 31. Lew mayalso weigh in on tax reform as the House is expected this year to consider newways to increase federal revenue.

Geithner and the Obama Administration have stated that theysupport the credit union tax exemption. Geithner also weighed in onthe extension of the transaction account guarantee extension soughtby banks last year, saying he opposed the continued depositcoverage. That bill failed to pass the Senate.

According to NAFCU, Lew voiced support for credit unions providing capital to smallbusinesses during a May 2012 visit to the White House to discussmember business lending legislation with Obama'sAdministration.

Candidates reported likely to fill Obama's open chief of staffposition include Deputy National Security Adviser Denis McDonoughand Ron Klain, who was formerly Vice President Joe Biden's chief ofstaff.