WASHINGTON -- The Credit Union Regulatory Improvements Act (H.R. 1537) is at its highest level of co-sponsorship in its three-congressional session history and is finally getting a full committee hearing.
The bill--which would modernize credit unions' capital system, expand business lending authorities, and allow all types of federal credit union charters to adopt underserved areas--will be the subject of a House Financial Services Committee hearing March 6. An increase in voter participation for mutual savings bank conversions is also included in the bill, along with various other regulatory relief provisions and enhancements.
Congressman Brad Ellsworth (D-Ind.) was the most recent co-sponsor to sign onto the bill.
The bill has broad bipartisan support, including many high ranking House Financial Services Committee members like primary sponsor Paul Kanjorski (D-Pa.) and Carolyn Maloney (D-N.Y.).