HARRISBURG, Pa. – Pennsylvania Credit Union Association President/CEO Jim McCormack responded to recent attacks against by the Pennsylvania Association of Community Bankers and the Pennsylvania Bankers Association against the Credit Union Regulatory Improvements Act (CURIA) by writing to the state's 19 congressional delegates urging them to support CURIA (H.R. 3579). "Credit unions are the most highly regulated members of the financial services community.," McCormack wrote. "From time to time it becomes necessary to review this regulatory framework in order to ensure that credit unions are modernized to the point where they can effectively serve their members and remain relevant in the financial marketplace.While we remain strongly supportive of H.R. 1375 which contains some regulatory relief provisions for credit unions, we urge you to consider enacting H.R. 3579, which will assist credit unions across America in serving consumers and some small businesses." McCormack also used his letter to take the bankers to task for their "vigorous" lobbying efforts to defeat the measure, and he recommended that bankers should "stop investing their apparently unlimited resources into further attempts to monopolize the financial services marketplace." There are currently 63 co-sponsors of H.R. 3579, and only two – original co-sponsor Rep. Paul Kanjorski and Rep. Tim Holden (D) – are from Pennsylvania. There are 19 congressional delegates from Pennsylvania including seven Democrats and 12 Republicans.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.