Sweeping tax reform legislation unveiled by House Republicans Thursday preserved the credit union tax exemption, eliciting cheers from credit union advocacy groups and calls from banking associations advocating for a level playing field.

“NAFCU thanks House Republican leaders for continuing to recognize the economic value the credit union tax exemption provides to the U.S. economy and American consumers,” Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions, said in a statement. “We’re staying in close contact with lawmakers in both the House and Senate – especially those on the House Ways and Means Committee and Senate Finance Committee – to ensure the preservation of credit unions’ tax exemption and to look out for credit union interests as this process continues to unfold.”

“We thank the House for taking this first step in needed tax reform, and like those who are pushing to reform, CUNA and credit unions are committed to building and supporting a strong middle class in this country,” Jim Nussle, president and CEO of the Credit Union National Association, said in a statement. “As of now, the credit union tax status remains unchanged in this bill and the bill looks good from a credit union perspective, but this is an ongoing process and change can happen anytime.”

Both organizations said they intend to track the process closely.

Banking advocacy organizations expressed general approval of the legislation, but were not happy the credit union tax exemption was left intact.

“We are disappointed the House has not taken this critical opportunity to address the tens of billions of dollars in outdated, unfair and unreasonable tax advantages enjoyed by credit unions and the Farm Credit System,” Rob Nichols, president and CEO of the American Bankers Association, said in a statement. “We will continue to make the case that businesses offering similar services should be treated equally under the tax code.”

The Independent Community Bankers of America called for “tax parity among all financial services providers, including tax-subsidized credit unions and Farm Credit System entities,” but were positive about the legislation in general.

Dubbed the Tax Cuts and Jobs Act, the legislation would sharply cut the corporate tax rate, lower tax rates for some individual earners, reduce the number of tax brackets from seven to four and impact a number of deductions within the current code.