The co-sponsor numbers in this Congress reflect lightning quick, determined action by credit unions to build support for the legislative goal.

Further, 100 House members, so far, who signed on to CURIA in the last Congress saw the importance of this legislation in the 110th Congress–and have signed on again. That means that 27 members of Congress–either new or who were in the previous Congress, but had not signed on–have joined with their colleagues in supporting this important legislation. That is bold decision-making on the parts of all of these members, who understand that credit unions are working to help their consumer constituents.

Do not underestimate the significance of these lawmakers supporting the credit union bill. They do so under considerable pressure.

The banking industry has made it no secret of its view that CURIA, and credit union legislation in general, should not be supported by Congress. In fact, last spring (when CURIA was introduced in this Congress), the bankers published an ad in Capitol Hill publications asking members, flat out, to

oppose CURIA.

No doubt, the bankers have let each and every member of Congress know their view since then, and no doubt have let them know of the consequences of supporting credit unions.

That's nerve in the face of bitter opposition.

Yet, political reality is CURIA faces some tough hurdles unrelated to banker opposition (or, at the least, banker resistance compounds these additional impediments).

Recently, two distinguished members of Congress outlined some details of those impediments.

As reported in this newspaper, House Financial Services Committee Chairman Barney Frank (D-Mass.) told a credit union audience the week of Sept. 10 that "I do not think there is any significant chance CURIA as it is in its entirety can pass both houses" of Congress. He added that "there is a lot of support for credit unions but in its current form, [CURIA] is very controversial."

It has also been reported that CURIA sponsor Paul Kanjorski (D-Pa.) told the same group that debate and a vote on the measure could get pushed aside, particularly in the face of the 2008 elections.

All of that having been said, we need to look deeper into the comments of both of these lawmakers.

I spoke with Rep. Kanjorski recently about his remarks. He told me that he always attempts to provide an accurate picture to credit unions of legislation pending in the Congress. But he also made it clear: His view is that time is running out for credit unions in this session of the 110th Congress. However, he also told me he makes no predictions about the next session–but absolutely underscored the importance of credit unions continuing to build support by rounding up co-sponsors, thanking existing sponsors and urging Congress in general to take action with hearings and votes.

In my view, Rep. Kanjorski was sharing with credit unions the cold, hard political facts of life. Essentially: Nothing in this political environment is easy–you must work for what you want. If credit unions want Congress to consider CURIA, credit unions must continue working in support of CURIA–by rounding up co-sponsors, thanking existing sponsors and urging Congress in general to take action with hearings and votes.

And Chairman Frank was also being straightforward with credit unions. Essentially, not everything in CURIA will pass into law right now–but much

of it can.

As also reported in this publication, Chairman Frank acknowledged that a hearing on CURIA is on the way, and noted that he thought the risk-based capital revisions in the bill (among others) could be passed.

The distinction he draws is that, while CURIA as a complete package probably will not be passed (because of the political environment), a significant amount of what is in the bill can indeed become law in this Congress. "My estimate is we can get signed into law a bill that does much of what CURIA does," he said.

These are strong and encouraging words, delivered from a realistic point of view from two

lawmakers who are deeply steeped in the workings of the Congress.

Their message: There is great hope for credit unions achieving regulatory improvement.

But, it will take dedication. There is no doubt that 127 co-sponsors in a six-month time frame is a singular achievement for credit unions. But, as has been noted over the last several weeks, it will take at least 218 lawmakers to approve our bill, and send it on to the Senate.

We may or may not build a list with that many co-sponsors. But we have to concentrate on convincing ever more lawmakers that credit unions need regulatory improvement in order to serve better their consumer members.

There is good news for credit unions. CURIA can see action. We can build even more support. We can convince Congress to pass into law important provisions in the bill.

And, ultimately, we can pass all of CURIA's provisions into law.