July Abuzz with Regulatory Relief for CUs

WASHINGTON-July looks like it will be a busy month for those following regulatory relief packages in Congress, according to one NAFCU lobbyist. NAFCU Director of Legislative and Political Affairs Brad Thaler said a sister bill to the Financial Services Regulatory Relief Act (H.R. 1375) is likely to appear in the Senate by the end of July. Senator Mike Crapo (R-Idaho), in charge of drafting the bill, has said he wants a bill introduced before the August recess, he explained. Thaler added that the House Financial Institutions and Consumer Credit Subcommittee is looking at the week of July 20 for its hearing on the Credit Union Regulatory Improvements Act (H.R. 3579), just before the August recess. CURIA has been praised by the credit union community and reviled by the bankers. The legislation currently sports 59 cosponsors in addition to the bill’s main sponsor, Congressman Ed Royce (R-Calif.). Congress was out the week of June 27 for the Independence Day recess.