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CURIA Would Fix a Couple CUMAA Problems, Kanjorski Says; CRA, Taxation Not on the Horizon

While the Credit Union Membership Access Act--H.R. 1151--may have saved some credit unions in 1998, concessions had to be made, original co-sponsor to the bill Paul Kanjorski (D-Pa.) explained.

By Sarah Snell Cooke | Updated on September 11, 2007

WASHINGTON — While the Credit Union Membership Access Act–H.R. 1151–may have saved some credit unions in 1998, concessions had to be made, original co-sponsor to the bill Paul Kanjorski (D-Pa.) explained.

Now the long-time credit union supporter is working to reverse some of the deals that had to be made in a time of crisis for credit unions with the Credit Union Regulatory Improvements Act (H.R. 1537), better known as CURIA. One thing H.R. 1151 did was eliminate the minimum voting requirement for credit union conversions to mutual savings banks. “I’m an opponent to these credit unions that try and buy out and change form and pass their assets off to just this generation,” Kanjorski told Credit Union Times.

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