WASHINGTON-Sixty members of Congress have put their names on the list of lawmakers supporting the Credit Union Regulatory Improvements Act (H.R. 3579). The credit union community has applauded the bill, which provides relief from certain regulatory burdens as well as modernizes credit union member business lending restrictions and establishes a risk-based system of Prompt Corrective Action. CURIA contains 12 of the 13 credit union provisions from the Financial Services Regulatory Relief Act (H.R. 1375), plus it would increase the member business lending cap to 20% of assets, provide for risk-weighted capital in PCA, and permit credit unions to lease unused office space in underserved areas. On the other hand, the banks have come down squarely against the legislation and strongly in favor of tightening credit union powers. The bill’s main sponsor is Congressman Ed Royce (R-Calif.). He was joined by Representatives Paul Kanjorski (D-Pa.), Steve LaTourette (R-Ohio), and Carolyn Maloney (D-N.Y.) as the original cosponsors when the bill was introduced Nov. 21, 2003.

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