WASHINGTON - Vermont Congressman Bernie Sanders, the House of Representatives' only Independent, recently became the 62nd member of Congress to back the Credit Union Regulatory Improvements Act (H.R. 3579). Sanders also recently spoke out in favor of the credit union tax exemption in a statement he had inserted into the Congressional Record. CURIA would establish a risk-based system of Prompt Corrective Action for credit unions while expanding their member business lending authorities by increasing the cap on business loans from 12.25% of assets to 20% and raising the threshold for loans counted against the cap from $50,000 to $100,000. It would also not count loans to non-profit religious organizations against the cap.
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From the July-28, 2004 issue of Credit Union Times Magazine • Subscribe!
CURIA Update: Sanders is Lone Independent, but Not Alone in his Support for CURIA
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