WASHINGTON-The number of representatives supporting the Credit Union Regulatory Improvements Act (H.R. 3579) recently rose to 61, as Congressman Kendrick Meek (D-Fla.) signed onto the bill. CURIA would expand credit unions' ability to participate in member business lending by increasing the cap from 12.25% of assets to 20% and increasing the threshold for loans that must be counted against the cap from $50,000 to $100,000, as well as create a risk-based capital system for credit unions. It also provides a great deal of relief from regulatory burden. The banking trade associations have strongly and publicly opposed the legislation. Congressman Ed Royce (R-Calif.) introduced CURIA at the end of the last congressional session, along with lead Democrat Congressman Paul Kanjorski (Pa.). It has gained 59 other co-sponsors with the addition of Meek July 9.
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