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WASHINGTON – There have been two new additions to the growing list of Credit Union Regulatory Improvements Act (H.R. 3579) cosponsors. Representatives Tammy Baldwin (D-Wis.) and Michael Michaud (D-Maine) signed onto the bill April 20. H. R. 3579 contains most of the credit union-related items from the Financial Services Regulatory Relief Act (H.R. 1375) in addition to some more substantive changes that have the bankers fired up. CURIA would lift credit unions’ business lending cap from 12.25% to 20% and create a risk-weighted capital system for credit unions. Under the bill, credit unions would also be able to lease excess office space in low-income areas without having to conform to the fixed asset rule that they must occupy it within three years.

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