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WASHINGTON-While credit unions are following the government-sponsored enterprise reform legislation, what may be more important to them is getting it out of the way. In an address May 6, House Financial Services Committee Chairman Mike Oxley (R-Ohio) indicated that he hoped the House will have marked up a bill on GSE reform this month. “Chairman Oxley in a speech on Friday indicated in the matter of GSEs, he is hoping that the House will have marked up a bill by Memorial Day, which is not all that far away,” CUNA Vice President of Legislative Affairs and Senior Legislative Counsel Gary Kohn explained. “I would guess that we would see some pretty increased activity on the House side at least on GSEs in the next couple of weeks.” NAFCU Director of Legislative Affairs Brad Thaler remarked, “I’m sure you’re aware, it’s taken up much of the committee’s agenda early in the 109th Congress. As they move that legislation through, it opens the door for them to move toward regulatory relief.” On the regulatory relief front, discussions have promised to commence later this summer for this Congress between the overall regulatory relief bill, the Credit Union Regulatory Improvements Act, and the recently introduced relief legislation for community banks.

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