WASHINGTON — This week's decision by House leaders to postpone consideration of the Credit Union Regulatory Relief Act came after banks and credit union waged all-out lobbying campaigns.

The American Bankers Association and the Independent Community Bankers of America spearheaded an effort that included e-mails, phone calls and in-person lobbying on Capitol Hill. The community bankers group had 300 members in Washington for a previously scheduled government affairs conference and their members criticized CURRA during discussions with lawmakers, according to Steve Verdier, senior vice president and director of congressional relations for the independent bankers' group.

CUNA Vice President of Legislative Affairs Ryan Donovan said that while bankers got a head start in lobbying, his members caught up and he heard from his congressional contacts that the credit unions case was presented adequately. CURRA (H.R. 5519) had been scheduled to be voted on Tuesday but House leaders pulled it Monday night, in the wake of concerns raised by the bankers that certain provisions of the measure would give credit unions an additional competitive advantage against banks. Credit union lobbyists are scheduled to meet Friday with House Financial Services Committee Chairman Barney Frank (D-Mass.) to discuss what will happen next on the measure.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • 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.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.