WASHINGTON — House Financial Services Committee Chairman Barney Frank expressed optimism Thursday that the House will pass some kind of regulatory reform measure for credit unions this year.
"I think we're going to be able to work something out," he said in an interview with Credit Union Times.
Frank (D-Mass.) declined to say what shape the final legislation would take or what the legislative timetable will be.
Recommended For You
"I don't know when and I am not ready to announce anything about what it will contain," he said in a brief interview following a joint appearance he made with U.S. Rep. Tom Davis (R-Va.) in a Washington, D.C. synagogue.
The Credit Union Regulatory Relief Act (H.R. 5519) had been scheduled to be voted on, on April 29, but the vote was postponed because of concerns raised by bankers and their supporters in Congress and by some who thought the measure would cause a loss of revenue.
The bankers' concerns centered on their belief that the measure gave credit unions permission to provide more services that would provide competition to banks.
A more comprehensive measure, the Credit Union Regulatory Improvements Act (H.R. 1537), includes risk-based capital reform and raises the member business lending cap from 12.25% to 20%.
© 2025 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.
