WASHINGTON-Despite the strict lines drawn between credit unions and banks in Utah, two of Utah's three congressmen have signed on as co-sponsors of the Credit Union Regulatory Improvements Act (H.R. 1375). South Dakota's lone representative also jumped on the bandwagon. Utah Republican Congressmen Chris Cannon and Rob Bishop added their names to the bill Sept. 30 in a state where the bank versus credit union fighting is fierce to say the least. In addition, Congresswoman Stephanie Herseth (D-S.D.) signed onto the bill Oct. 5. The bill provides a number of regulatory relief measures, which are also included in the broader Financial Services Regulatory Relief Act (H.R. 1375), and broader authorities for credit unions, particularly in the business lending area, as well as a risk-based capital scheme.
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