The Treasury issued a draft regulation yesterday correcting an anomaly that would have seen credit unions lose access to reduced input tax credits when they rebranded as banks.Over the past year, a number of credit unions and building societies have take advantage of a change in Government policy that allows them to adopt the designation "mutual bank". A consequence of a credit union rebranding is that the institution will no longer be regulated as a credit union by the Australian Prudential Regulation Authority. This means it will no longer be a credit union for the purposes of the reduced input tax credit rules.The proposed amendment broadens the definition of credit unions to include those rebranded as a bank that have maintained their mutuality. Under the new regulation, the approved deposit-taking institution must have been listed on the APRA website as a credit union on or before July 1 last year. The ADI must have a mutual structure.Treasury has called for submissions by June 27.