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WASHINGTON-Reviewing laws and regulations for burden and usefulness is the duty of Congress, according to Representative Jeb Hensarling (R-Texas). In that respect, the relative newcomer to politics told NAFCU’s Congressional Caucus last week, “We are very fortunate to have the leadership of Chairman Mike Oxley and Chairman Bachus.” “If left to my own devices, it might have looked very different, but it also wouldn’t have become law,” Hensarling explained. He, personally, seemed open to NCUA’s proposal for Prompt Corrective Action reform found in the Credit Union Regulatory Improvements Act (H.R. 2317), and encouraged his credit union audience that work still could be done during the mark up process to add amendments to the bill. One part of CURIA he hinted that he was not receptive of was the 20% minimum voting requirement for mutual savings bank conversions, though he did not spell it out. The two billion dollar credit unions that recently had to go to court to win approval to convert to mutual savings banks were in his home state. A true Republican, Hensarling stated that you only get less of something the more you tax it. “Imposing taxes on credit unions would only weaken your ability to serve those seeking your services,” the overall credit union supporter said. However, he expressed displeasure with NCUA’s treatment of the two billion dollar credit unions from his home state that had to file a lawsuit to get their conversions to mutual savings banks approved because NCUA would not approve their disclosures based on the infamous fold. Hensarling termed it “outrageous behavior.” [email protected]

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