Ohio Congressman to Circulate Dear Colleague Letter in Support of CURIA

WASHINGTON-Congressman Steve Chabot (R-Ohio) has written a `dear colleague’ letter urging support for the Credit Union Regulatory Improvements Act (H.R. 2317). “I am asking you to join me in co-sponsoring this important bill, which will help over 2.76 million credit union members in the state of Ohio,” he wrote. He cites the three major sections which provide regulatory relief, expand small business services, and establish risk-weighted Prompt Corrective Action standards. “The capital reforms in the new CURIA would allow NCUA to develop a more fully vigorous and modern risk-based capital regime for credit unions. CURIA’s proposed changes are similar to the capital standards now applicable to FDIC-insured institutions, like banks and thrifts,” Chabot told fellow lawmakers. “These proposed changes would free up more capital to permit credit unions to provide more of the loan and savings services that benefit their members. “The economic growth provisions of CURIA to revise member business lending restrictions would greatly improve credit unions’ ability to provide access to capital to small business owners who are the backbone and engine of growth throughout Ohio.” He noted that the bill would help expand the number of Ohio credit unions that provide business loans from the current 76, or 26%. “Credit unions in Ohio and across the nation are uniquely positioned to provide their members access to capital that is essential in starting or expanding small businesses, as well as sustaining new job creation. Please join me in co-sponsoring this important piece of legislation,” he encouraged.