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Sherman Announces Secondary Capital Legislation in the Works as He and Baca Sign onto CURIA

WASHINGTON - Two House Financial Services Committee members have become co-sponsors of the Credit Union Regulatory Improvements Act (H.R. 3579). Congressmen Brad Sherman (D-Calif.) and Joe Baca (D-Calif.) have signed onto CURIA, originally introduced by Congressman Ed Royce (R-Calif.) and co-sponsored by Representatives Paul Kanjorski (D-Pa.), Steven LaTourette (R-Ohio), and...

By Staff Writer | Updated on December 16, 2003

WASHINGTON – Two House Financial Services Committee members have become co-sponsors of the Credit Union Regulatory Improvements Act (H.R. 3579). Congressmen Brad Sherman (D-Calif.) and Joe Baca (D-Calif.) have signed onto CURIA, originally introduced by Congressman Ed Royce (R-Calif.) and co-sponsored by Representatives Paul Kanjorski (D-Pa.), Steven LaTourette (R-Ohio), and Carolyn Maloney (D-N.Y.). The bill provides credit unions greater flexibility in the areas of member business lending and Prompt Corrective Action, as well as including several items from the Financial Services Regulatory Relief Act (H.R. 1375). Some of the bankers did not support the legislation specifically because of the credit union provisions. In signing his name to H.R. 3579, Sherman also announced that he would be introducing legislation that would allow credit unions to include secondary capital in their net worth ratios. “Credit unions need more capital building tools,” he said. “The legislation that I will introduce next year recognizes that there is still a debate over the best way to provide them with these tools – through risk assets or supplemental capital.” Secondary capital was not included in CURIA because it is considered too controversial, even within the credit union system.

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