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Looking back four years finds credit unions’ hopes of seeing reg-relief legislation in 2002 dashed. Despite a hearing on the measure and efforts by House Financial Services Committee Chairman Mike Oxley (R-Ohio) to move the measure forward, Senate Banking Committee Chairman Paul Sarbanes (D-Md.) had not expressed interest in it. NAFCU Director of Legislative and Political Affairs Brad Thaler had not closed the book entirely on the legislation for the year, noting that Oxley is a “master” at moving legislation and the committee chairman could possible try to pair regulatory relief with the deposit insurance reform legislation. Still Thaler conceded, “The outlook for it being marked up by the full committee is not outstanding.” CUNA’s Gary Kohn, vice president and senior legislative counsel said a key provision of the reg-relief measure allowing membership of privately insured credit unions in the Federal Home Loan Bank was opposed by Rep. Paul Kanjorski (D-Pa.). CUNA supported the provision, as did Congressman Bob Ney (R-Ohio) who introduced the provision previously in the congressional session as a standalone bill.

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