WASHINGTON — Maine Credit Union League Government and Public Affairs Manager Jon Paradise said the credit union visitors got enthusiastic feedback from its four-person congressional delegation on the Credit Union Regulatory Improvements Act (H.R. 1537).
Even though a companion bill to CURIA has not been introduced in the Senate, both Senator Olympia Snowe (R), ranking member of the Senate Small Business Committee, and Susan Collins (R) were aware of and supportive of the measure, the credit union representatives found during their sixth annual Hike the Hill visit. Paradise commented that Collins was "very forceful in her support of CURIA and would like to see a version of it in the Senate." While he said it was "too early to tell" whether she would be interested in introducing a Senate version of CURIA, the credit union visitors "got very positive vibes from her."
Congressmen Tom Allen (D) and Mike Michaud (D) both signed onto CURIA in April of this year, only about a month after it was introduced. Both reported to the credit union representatives that they were hopeful for a hearing in the House Financial Services Committee on the legislation before Congress recesses.
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According to Paradise, the business lending provisions of CURIA are of particular importance to Maine credit unions. "Maine has a large proportion of small business owners and small businesses," he explained. Some credit unions are bumping the 12.25% of assets cap while others are not even getting started because of the 12.25% asset cap. However, there is definitely a demand among members and an interest among credit unions to offer business loans. A growing number are looking into becoming SBA lenders and a couple credit unions that made the Hike were just recently approved.
Other issues discussed during the meetings on the Hill included the economy, the subprime market problems–which have left Maine credit unions unscathed, and data breach legislation that shifts the liability to the source of the breach.
Participation in the Hike the Hill had to be capped at 26 because of growing political involvement, Paradise explained, in order to keep meetings more intimate. Three of the four members of Congress from Maine attended the reception held by the league in the Capitol later that evening.
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