DENVER — CUNA President and CEO Dan Mica said he's working hard to ensure that the Senate passes regulatory relief for credit unions this year but at this point the prospects are uncertain.
Mica told Credit Union Times said possible obstacles include the relatively short legislative calendar and the possibility that some senators may raise objections, which would kill the chances of passing it by unanimous consent.
He has been meeting with lawmakers here and plans more sessions during next week's Republican National Convention in St. Paul.
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NAFCU President Fred R. Becker also held meetings on the legislation during his stay here earlier in the week and plans to have a presence in St. Paul as well.
In June, the House passed the Credit Union Bank and Thrift Regulatory Relief Act, which grandfathers in existing approvals of underserved areas and allows federal credit unions to apply to serve underserved areas outside their fields of membership.
CUNA and NAFCU like the bill but both groups hope it will lay the groundwork for the passage of more comprehensive legislation next year.
Congress returns from its summer recess on Sept. 8 and leaders of both chambers have said they hope to adjourn for the year on or about Sept. 26.
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