In a section that describes current tax law under scrutiny, the report also made an ominous statement about the credit union exemption, saying “while significant differences between the rules under which credit unions and banks operate have existed in the past, most of those differences have disappeared over time.”

Ways and Means Committee Chairman Dave Camp (R-Mich.) and Ranking Member Sander Levin (D-Mich.) said in a joint statement, “This document provides an important and comprehensive overview of the tax code, an overview of some of the most commonly referenced previous tax reform proposals and summarizes the views of more than 1,300 submissions offered to the Ways and Means Committee by key stakeholders. The committee will dig into its details over the coming weeks.”

CUNA Executive Vice President of Governmental Affairs Ryan Donovan said upon first review, the report doesn't appear to shed a lot of light as to what could be included in tax reform legislation.

However, Donovan said he's heard from staffers in the Senate and the House that Congress may use tax reform as a bargaining chip in another debt ceiling increase that has to be hammered out by September. Republicans oppose an increase, but are pushing for tax reform.

“It's a political move, no doubt, but it gives them a bit of leverage in the process,” he said.

Donovan said House Ways and Means Committee leadership has spoken out on record saying they want to pass a tax reform bill in the House by the end of July, which he said coincides with the timing the House would begin debt ceiling debate.

“They might even start later this month,” he said.