X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.