Credit unions just can't stop making news, particularly inWashington. Of course this last week, Capitol Hill got a huge doseof credit unions with CUNA's Governmental Affairs Conference takingplace from March 2-6.

In fortuitous fashion, Congressmen Paul Kanjorski (D-Pa.) and EdRoyce (R-Calif.), co-authors of the Credit Union RegulatoryImprovements Act (H.R. 1537), introduced new, pro-credit unionlegislation just prior to the meeting that brought 4,700 creditunion officials to Washington, D.C. The Credit Union RegulatoryRelief Act (H.R. 5519) would accomplish a large number of the itemsfrom CURIA but excludes the more controversial–and some mightargue–necessary provisions, such as risk-based capital reform andraising the member business lending cap from 12.25% to 20%.

On the other hand, it does include a provision to adoptunderserved areas as well as new sections that would allow creditunions to offer payday lending services to anyone within theirfields of membership and encouraging small business development inrural communities. These are excellent and creative changes thatwill expand credit union market share while serving the social mienof the Democratic controlled Congress. At the same time, both ofthese new provisions would help boost the ailing economy, whichshould be an easy sell with the politicos. Hopefully, these newprovisions will make it into CURIA or vice versa.