CURIA, CURRA, CRA, GAC--The Whole Alphabet Soup
Credit unions just can't stop making news, particularly in Washington. Of course this last week, Capitol Hill got a huge dose of credit unions with CUNA's Governmental Affairs Conference taking place from March 2-6.
In fortuitous fashion, Congressmen Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.), co-authors of the Credit Union Regulatory Improvements Act (H.R. 1537), introduced new, pro-credit union legislation just prior to the meeting that brought 4,700 credit union officials to Washington, D.C. The Credit Union Regulatory Relief Act (H.R. 5519) would accomplish a large number of the items from CURIA but excludes the more controversial--and some might argue--necessary provisions, such as risk-based capital reform and raising the member business lending cap from 12.25% to 20%.