WASHINGTON -- The ranks of supporters of the Credit Union Regulatory Improvements Act grew Thursday when Rep. Todd Akin (R-Mo.) became the measure's 149th co-sponsor.
Akin, a fourth-term member from suburban St. Louis and a senior member of the Small Business Committee has long been a backer of credit unions. During one debate on whether to remove the tax-exempt status he wrote then-Ways Means Committee Chairman William Thomas "Taxing credit unions would be a tax on consumers."
Credit unions have been trying to get CURIA (H.R. 1537), which includes risk-based capital reform and raises the member business lending cap from 12.25% to 20%, for several years. The House is scheduled to vote Tuesday on a less comprehensive regulatory reform measure for credit unions, the Credit Union Regulatory Relief Act, which contains some provisions of CURIA.
CUNA Vice President of Legislative Affairs Ryan Donovan said while he is pleased to have additional support for CURIA, the credit union community needs to be vigilant in encouraging congressional action."There is no silver bullet--no magic number of co-sponsors--that will ease credit union regulatory improvements into existence. It is an important fight, but a tough fight, and credit unions must keep up their contacts with lawmakers at this critical juncture," he said.