WASHINGTON-Following the addition of three new co-sponsors to the Credit Union Regulatory Improvements Act (H.R. 3579), the final tally comes to 51, plus the bill’s main sponsor, Congressman Ed Royce (R-Calif.). Representatives Henry Brown (R-S.C.), Alcee Hastings (D-Fla.), and Lucille Roybal-Allard (D-Calif.) added their signatures to the bill June 2. CURIA provides regulatory relief for credit unions in various areas. It also expands the member business lending cap from 12.25% to 20% of assets. It establishes a risk-based capital system for Prompt Corrective Action purposes and it permits credit unions to rent out unused real estate in low-income areas. “At one point there was some consideration for holding a CURIA hearing [June 22, the same day as the Senate hearing on the Financial Services Regulatory Relief Act] on the House side until they realized that NCUA would be tied up in that hearing,” CUNA Vice President of Legislative Affairs and Senior Legislative Counsel Gary Kohn. “They’re now looking at July dates as the most likely time for a CURIA hearing.”

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