As the fight over tax reform begins in earnest on Capitol Hill this week, credit union lobbyists say they see no imminent threat to the credit union tax exemption.

But when House Ways and Means Committee Chairman Kevin Brady (R-Texas) unveils his draft bill on Wednesday, it will only mark the start of a complicated legislative process that could pose peril for credit unions at every step.

For instance, one source in the credit union community said that some member of Brady's committee might offer an amendment to cut the tax exemption when the panel marks the bill up next week.

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