WASHINGTON -- The 13-member Georgia congressional delegation has written House Financial Services Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.) urging a hearing on the Credit Union Regulatory Improvements Act (H.R. 1537).
"Over the years, each of us has met with representatives from credit unions and banks. These meetings usually end with no action items and no progress made between the credit unions and banks," the letter read. "At a recent conference held by the National association of Federal Credit Unions, Chairman Barney Frank promised the credit union executives a hearing on CURIA before the Committee on Financial Services. We believe this is the next logical step in helping resolve the debate on this legislation.
"It is important for Congress to proactively bring credit unions and banks before the committee in order to begin the constructive dialogue with the hope of coming to a resolution. We are well aware of the passion on both sides of this issue runs high--which is why it is vitally important that any hearing on CURIA provides a forum in which both the credit unions and banks are able to discuss their issues in a balanced way."
Of the Georgia congressional delegation, Sanford Bishop (D), Hank Johnson (D), and John Lewis (D) are co-sponsors to the bill.
CUNA and the Georgia Credit Union Affiliates both said they are expecting that bankers would very likely request to testify at a hearing on CURIA. "I think it was going to happen no matter what they said," GCUA Senior Vice President of Advocacy Cindy Connelly said of the mention of bankers appearing at the hearing.
The letter came less than a month after the Georgia Credit Union Affiliates' Hike the Hill last month. "What makes this kind of unusual is its co-sponsors and folks not co-sponsoring, Democrats and Republicans," Connelly said.
She explained that the 25 credit union representatives found that some in their state's delegation are not ready to be co-sponsors but what Congressman Jack Kingston noted (R) during a Hike the Hill visit was the credit unions' efforts. Connelly recalled, "He said I'm not ready to be a co-sponsor but I think you all should get a hearing."
The possibility of a letter urging a hearing was raised at subsequent Hill visits but it was still unclear after the meetings whether it would actually come to fruition. "We're just trying to be a catalyst to bring it to the next level," she said.
A similar letter was recently worked out between Texas co-sponsors and CUNA and the Texas Credit Union League.
In the meantime, Congressmen Dave Camp (R-Mich.) and Richard Neal (D-Mass.) signed on once again to CURIA earlier this month. Both had been CURIA co-sponsors in the 109th Congress as well. CURIA now has 135 co-sponsors in addition to Congressman Paul Kanjorski (D-Pa.) backing the legislation.
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