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WASHINGTON – Credit union lobbyists have said that the Credit Union Regulatory Improvements Act, currently H.R. 3579, would get a revamp for the next Congress, but no one can know the specifics of it until it is introduced next year. With the 109th Congress, that bill number is likely to change, as is some of the language, according to CUNA Vice President and Senior Legislative Counsel Gary Kohn. “We’ve had a series of meetings with our sponsor staff to talk about strategy for next year,” he commented. “I’m not going to go too much further into that because we haven’t settled on everything yet, but I think it is fair to say that we will see the bill reintroduced next year and there could be some modest changes made to it.” Kohn emphasized there is no way CUNA would ever even consider accepting taxation to get the bill passed; as far as CUNA is concerned, the two issues are not relevant to each other. NAFCU Director of Legislative and Political Affairs Brad Thaler said his group has been reviewing the legislation with lawmakers as well. “I wouldn’t say there’ll be drastic changes,” he commented. However, he said that the capital provisions, which have stirred up some controversy with the banks, are “definitely something that could be looked at as part of this.” Both houses of Congress will also be looking at an overall financial services regulatory relief package in the coming year. The House passed a version last session, and financial service lobbyists have been waiting for something out of Senator Mike Crapo’s (R-Idaho) office since earlier this year.

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