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The credit union system entered into a new era following the House Ways and Means Committee hearing in the fall 2005 on the credit union tax-exemption. Following the hearing, the committee requested data about whether credit unions are serving the goals intended with their federal tax-exempt status. The data currently being collected by state and federal regulators will be used to demonstrate credit unions’ service to members.

NASCUS and state regulators are in the center of efforts to document state credit union service. Since the hearing, NASCUS has actively communicated the state perspective on documenting the credit union mission. In dialogue with the Government Accountability Office and the House Ways and Means Committee, NASCUS continues to emphasize the importance of recognizing dual chartering and the distinctions between state and federal charters. This insight will be key for Congress in understanding and analyzing the report NASCUS submits on the state system.

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