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WASHINGTON-The Credit Union Regulatory Improvements Act recently netted its 100th co-sponsor. Congressman Curt Weldon (R-Pa.) became the 100th co-sponsor to CURIA after he and Congresswoman Susan Davis (D-Calif.) signed onto the bill Oct. 20. Total congressional support is now 101 with primary sponsor Congressman Ed Royce (R-Calif.). “I am pleased that CURIA has attracted broad-based, bipartisan support in the House,” Royce commented. “In today’s dynamic marketplace, credit unions must have a more modern and flexible regulatory structure. I look forward to joining with the many supporters of this legislation as we work towards that goal.” Chief Democratic co-sponsor Paul Kanjorski (Pa.) pointed out, “Looking back on [H.R. 1151], it took us just under five months to get our first 100 co-sponsors. With the Credit Union Regulatory Improvements Act, it has taken us just over five months to get our first 100 co-sponsors. If history is any guide, we are on track, once again, to move a credit union bill through the legislative process and help the 86 million Americans belonging to credit unions.” CURIA was introduced in May 2005. Weldon said he decided to co-sponsor CURIA because of the positive role it would play in contributing to economic growth. He added, “The enactment of CURIA would also greatly help underserved communities.” “Reaching 100 co-sponsors is a significant milestone, indicative of CURIA’s broad appeal and a recognition by legislators that, by passing CURIA, the 21st century consumer will get the 21st century credit union that they deserve,” CUNA President and CEO Dan Mica said. “This much-needed legislation would reform the current capital system for credit unions, providing for a risk-based approach to capital and would give credit unions the opportunity to help more small business owners by raising the arbitrary member business lending cap,” NAFCU President and CEO Fred Becker explained. “The addition of the 100th co-sponsor has brought us closer to enactment.” The credit union community is hoping to get some of the key provisions from CURIA inserted into the Financial Services Regulatory Relief Act (H.R. 3505), a move that the banking trades are adamantly opposing. In particular, credit unions would like to see the risk-based capital and member business lending provisions included, as representatives testified in the House Financial Institutions and Consumer Credit Subcommittee earlier this month. They are hoping to accomplish this by demonstrating broad bipartisan support with a large number of co-sponsors [email protected]

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