From Congress Daily(subscription required): BANKING: The House Ways and Means Committee hears testimony Thursday on the tax-exempt status of credit unions, part of an examination of the tax-exempt sector Ways and Means Chairman Thomas launched last year. The credit union tax exemption has been in place for nearly 70 years. The industry argues it should remain tax-exempt because credit unions, which have 87 million members nationwide, are not-for-profit cooperatives generally run by volunteers, and they return their earnings to their members. Banking industry groups are pushing for changes to the tax status of some large credit unions that offer a widening array of "bank-like" services, such as commercial loans. Thomas has raised questions about whether tax exemptions are warranted for organizations that provide goods and services similar to those of taxpaying companies. Bush administration officials and many congressional leaders from both parties have voiced strong support for the credit-union tax exemption.