WASHINGTON — Credit union issues are on lawmakers' radar screens, even in the midst of one of the tightest election seasons in memory.
Congressman Emanuel Cleaver's (D-Mo.) office confirmed last week that he has told main sponsor Ed Royce (R-Calif.) that he will be signing onto the Credit Union Regulatory Improvements Act (H.R. 2317). Though the House is in recess right now, everything will be made official during the lame duck session after the elections. Congressman Bill Pascrell (D-N.J.) was also announced as a future sponsor during NAFCU's Congressional Caucus, but he had not been officially added to the list before the recess. With these two, total sponsorship will reach 125 members of the House. However, a handful will be dropping off because they will not be returning to the House next session. Original co-sponsor Bernie Sanders (I-Vt.) is running for the Senate, however, if he wins as expected, he had promised to introduce CURIA in the Senate. Twelve-term Congressman Sherwood Boehlert (R-N.Y.) has announced his retirement. Congressman Ed Case (D-Hawaii) lost the Democratic Senate primary there to incumbent Senator Daniel Akaka (D-Hawaii). Congressman Butch Otter (R-Idaho), who was even featured in a print ad supporting credit unions, gave up his seat to run for governor as did Jim Gibbons (R-Nev.). CURIA includes a number of the credit union provisions from the regulatory relief bill just signed into law and more even than the original House bill (H.R. 3505) had to offer for credit unions. The bill includes a new risk-based capital structure for credit unions as well as expanded business lending powers.
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