WASHINGTON-There are a number of striking similarities between the Communities First Act (H.R. 2061) and the Credit Union Regulatory Improvements Act (H.R. 2317). While CURIA has garnered the support of 101 lawmakers so far, H.R. 2061 has a respectable number at 79, a number of whom are the same. Credit unions have worked, and continue to do so, to get some of the provisions from CURIA included in the overall Financial Services Regulatory Relief Act (H.R. 3505). They succeeded in getting the provision to change the definition of net worth for credit unions into the bill to avoid an unintended consequence of accounting standards changes and continue to work to get prompt corrective action reform and member business lending provisions included. Five of the 15 provisions from the Communities First Act have been integrated into the overall reg relief bill. There has even been a cross over in strategies. “We are not trying to get it passed as such.” Independent Community Bankers of America SVP and Director of the Congressional Relations Group Steve Verdier said. “The bill was designed to gather as many co-sponsors as possible and add it into other bills.” He explained, “It’s very difficult to get a bill like CFA moving on its own.” Credit unions have worked to do the same thing, and have even had a few stand-alone bills on check cashing and wire services and the net worth definition `fix.’ That is where the bankers feel the similarities end. “The differences are stark,” Verdier said. “Communities First is truly regulatory and tax relief.” The bill would ease certain Home Mortgage Disclosure Act requirements, trims back reporting on the institution’s condition under the Federal Deposit Insurance Act, and exempts smaller institutions from Sarbanes-Oxley, and provides reduced tax rates and deferrals of income recognition for long-term CDs, among other things. By contrast, he asserted CURIA seeks new powers for credit unions. He also pointed out that the Communities First Act has been introduced in the Senate, a feat that credit unions have yet to achieve. “Just to get a bill like this introduced in the Senate is a chore,” Verdier admitted.

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

Copyright © 2023 ALM Global, LLC. All Rights Reserved.