WASHINGTON-Congressman Nick Lampson (D-Texas) has signed on as the latest co-sponsor to the growing list of lawmakers backing the Credit Union Regulatory Improvements Act (H.R. 3579). Lampson makes 55 cosponsors for CURIA, in addition to the bill's author Congressman Ed Royce (R-Calif.). The legislation has been strongly supported by the credit union community and equally strongly criticized by the banking groups. The bill permits credit unions relief from a number of regulatory burdens also included in H.R. 1375, the Financial Services Regulatory Relief Act. CURIA also, however, expands member business lending by increasing the cap from 12.25% of assets to 20% and raising the threshold for business loans counted against the cap from $50,000 to $100,000; creates a risk-weighted Prompt Corrective Action system; and allows credit unions to rent out unoccupied office space located in underserved locations.
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