WASHINGTON — A legislative move to offer regulatory relief to banks with less meat for credit unions drew frenetic credit union lobbying and then opposition before it was finally withdrawn this week.
Republican Senator Mike Crapo of Idaho authored the amendment which would, among other things, make more community banks eligible for an 18-month exam schedule, increase small business loans for thrifts, remove limitations on investments in auto loans, and repeal the prohibition on banks offering interest on business checking.
"The things that this amendment had were huge for banks but there was nothing really in it for credit unions" complained one credit union lobbyist who declined to be named.
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