WASHINGTON-Four new lawmakers recently signed on as co-sponsors of the Credit Union Regulatory Improvements Act (H.R. 3579), which goes beyond the Financial Services Regulatory Relief Act (H.R. 1375) provisions for credit unions. Congressmen Tom Allen (D-Me.), Robert “Bud” Cramer (D-Ala.), Donald Payne (D-N.J.), and Thomas Tancredo (R-Colo.) all signed on to the bill March 24, making a total of 37 lawmakers co-sponsoring the bill. Congressmen Ed Royce (R-Calif.) and Paul Kanjorski (D-Pa.) are the bill’s main sponsors. CURIA includes most of the provisions contained within H.R. 1375, the Financial Services Regulatory Relief Act, which passed the House on March 17. The only one not included in CURIA is the provision allowing privately insured credit unions to join the Federal Home Loan Bank System. In addition, to those provisions, CURIA would also permit credit unions to expand their business lending to 20% of assets, establish a risk-based Prompt Corrective Action system for credit unions, and allow credit unions to lease excess office space in underserved areas without the intent of ever occupying the space themselves.

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