WASHINGTON-Congressman Nick Lampson (D-Texas) has signed on as the latest co-sponsor to the growing list of lawmakers backing the Credit Union Regulatory Improvements Act (H.R. 3579). Lampson makes 55 cosponsors for CURIA, in addition to the bill's author Congressman Ed Royce (R-Calif.). The legislation has been strongly supported by the credit union community and equally strongly criticized by the banking groups. The bill permits credit unions relief from a number of regulatory burdens also included in H.R. 1375, the Financial Services Regulatory Relief Act. CURIA also, however, expands member business lending by increasing the cap from 12.25% of assets to 20% and raising the threshold for business loans counted against the cap from $50,000 to $100,000; creates a risk-weighted Prompt Corrective Action system; and allows credit unions to rent out unoccupied office space located in underserved locations.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 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.