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WASHINGTON-CUNA President and CEO Dan Mica personally visited with the leadership of the House Financial Services Committee to hand deliver letters seeking to add Prompt Corrective Action reform and expansion of credit union business lending to regulatory relief legislation. Mica’s Oct. 26 letters to Congressmen Mike Oxley (R-Ohio) and Barney Frank (D-Mass.)-with an eye toward the Oct. 27 mark up of the Financial Services Regulatory Relief Act (H.R. 3505)-stated, “As you know, credit unions remain the most highly regulated and restricted of all insured financial institutions, and thus are strongly supportive of your efforts to pass regulatory relief legislation over the last few years. We are grateful for all of the credit union provisions that have been included in Title III. We feel, however, that the measure would be even stronger if provisions were included to modify the member business lending limitations imposed on credit unions, as well as provide for capital modernization modeled on a risk-based prompt corrective action (PCA) system.” The banking industry is adamantly opposed to adding these provisions to the bill, and while primary sponsor Jeb Hensarling (R-Texas) told NAFCU’s Congressional Caucus that he is not opposed to risk-based capital for credit unions, there is resistance from others to changing the language of the bill.

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