Oxley Requests Additional Reg Relief Suggestions; NCUA Will Oblige

WASHINGTON-Influential Financial Services Committee Chairman Mike Oxley (R-Ohio) is pumping NCUA for additional ideas on how to make the lives of credit union leaders easier. Oxley wrote NCUA Chairman Dennis Dollar last week in search of provisions the agency is interested in adding to last year’s regulatory relief legislation. In the letter, Oxley explained that the bill would be based on H.R. 3951 from last year. He asked that Dollar respond no later than Jan. 24. That will not be a problem, according to Special Assistant to the Chairman for Public Affairs Nick Owens, who said the chairman would reply before the deadline. The suggestions, which will start with those not adopted during the last request, will be made public after they are formulated and forwarded to Oxley, he said. “Chairman Dollar looks forward to working with Chairman Oxley and the Financial Services Committee on putting forth solid regulatory relief legislation that can be sent to the Senate,” Owens said. He is referring to the last bill that was passed by the House, but left untouched by the Senate. Senate Banking Committee Chairman-elect Richard Shelby (R-Ala.) was drafting a sister bill at the end of the last Congress, credit union lobbyists have said. Sponsored by Representative Shelley Moore Capito (R-W.V.), but fueled by Oxley, the bill contains a number of credit union gems in it including expansion of credit union investment authorities, increase in loan maturity limits, upping the 1% CUSO investment limit to 3%, and excluding loans to nonprofit, religious organizations from the member business lending cap, for starters.