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WASHINGTON-Between the House Financial Services Committee investigating WorldCom issues and the Senate considering WorldCom as well as general accounting and auditing reform, little time is left for important credit union issues. However, this issue is tangential to credit unions because of the auditing angle and the increased deposits in credit union accounts due to the scandals, as well as the events of September 11. “Both the banking committees, in both the House and Senate, really have a full docket here in July,” NAFCU Director of Legislative and Political Affairs Brad Thaler observed. Then Congress is out for the August recess and in the fall most are just focused on campaigning, he explained. “What you have now is another major issue eating into time.the limited amount of time that Congress has to complete work on other issues before the end of the year. We’re down to a limited number of legislative session days that are scheduled,” Thaler said. “Bankruptcy reform is still sitting in conference; reg relief is still pending action by the [House] Judiciary Committee; and you have IDA legislation that is out there, as well.” With WorldCom, accounting issues, homeland security, and all 13 appropriations bills still to pass, Thaler commented, “It’s really a battle for time to tackle the remaining credit union issues that are out there.”

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