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WASHINGTON-Congressman Ed Royce (R-Calif.) has gotten an earful from credit unions in his district about some of the regulatory problems credit unions are facing and decided to do something about it. In the 108th Congress, Royce introduced the Credit Union Regulatory Improvements Act (then H.R. 3579) and plans to introduce an improved version of the bill this year. “I decided to author CURIA in the 108th Congress because it was brought to my attention that there was a real need for regulatory reform of federal credit unions,” Royce said. “Many California credit unions told me that the restrictive capital requirements were preventing them from meeting the needs of their members.” He has been a strong supporter of credit unions for 20 years, he noted. His Northern Orange County district has a number of credit unions serving the area. “It is difficult to mention all of the good work credit unions do, but in my district credit unions are helping school teachers save and invest for the future, helping to relieve the high cost of homeownership by providing capital for mortgage loans, and financing construction for soup kitchens and shelters,” Royce said. “I think the story around the nation is similar to the story in Orange County.” Royce understands first hand what credit unions do for their members; he is a member of Congressional Federal Credit Union. “I have had a great personal experience with credit unions,” he said. “Being a member of Congressional FCU is easy and convenient for me when I go home to California because I can go right down the street from my office in Fullerton to Orange County’s Credit Union and take care of my needs.” After hearing the concerns raised by the credit unions, the member of the House Financial Services Committee went to work on fixing the problems. “I thought then, and still believe now, that risk-based capital requirements would be more appropriate for credit unions,” he commented. Royce noted NCUA’s support for a risk-based capital system and that it “would allow credit unions to better serve members and would strengthen the safety and soundness of the industry.” While the congressman plans to reintroduce the bill in the 109th Congress, he was reluctant to elaborate on the details of the changes that are presently in the works. “I am currently working very closely with Rep. Kanjorski to make some improvements to our prior version of the legislation,” he stated. Congressman Royce is currently serving his seventh term in Congress and represents California’s 40th district. He is a good ally for credit unions to have, having been appointed an assistant whip last Congress, a position that aims to gather support for particular issues. He is also a senior member of the Financial Services Committee. Prior to serving in the U.S. Congress, Royce was a state senator beginning in 1982, a small business own, and a corporate tax manager, among other positions. He graduated from California State University, Fullerton, School of Business Administration. Royce is a California native and lives in Fullerton with his wife, Marie. [email protected]

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