WASHINGTON-Credit union legislation enthusiasts were all abuzz last week following NAFCU's Congressional Caucus. During his remarks to the group of 400 credit union officials, House Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (R-Ala.) held out the possibility of regulatory relief legislation aimed specifically at credit unions being introduced. Committee Ranking Member Barney Frank (D-N.Y.) said that he sees nothing controversial with the credit union provisions and that he would not be opposed to a separate bill. Kirk Cuevas, NCUA Chairman Dennis Dollar's chief of staff, confirmed, "[Congressman Ed] Royce (R-Calif.) appears to be pursuing a credit union powers type of bill." He also cautioned that he would not believe it until a bill is actually introduced. There has been a lot of interest, Cuevas admitted, including from House Financial Services Committee Chairman Mike Oxley, (R.-Ohio), Frank, and committee member Brad Sherman (D-Calif.). Some congressional interest has also focused on adding provisions to include a more flexible system of Prompt Corrective Action and increasing, if not eliminating, the 12.25% of assets member business lending ceiling. [email protected]