WASHINGTON–Congressmen Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.)–champions of the Credit Union Regulatory Improvements Act (H.R. 1537)–have introduced a sister bill of regulatory relief basics.
The Credit Union Regulatory Relief Act (H.R. 5519) includes many of the regulatory relief items of CURIA but not the all of the enhancements, such as risk-based capital and more expansive business lending provisions. It does include a tweaked version of the provision to allow all federal credit unions to adopt underserved areas and would allow for payday loans to all potential members, according to one credit union lobbyist.
CUNA President/CEO Dan Mica commented, "This timely legislation will get us a long way toward credit union goals — but not all the way: More needs to be done."
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NAFCU Director of Legislative Affairs Brad Thaler acknowledged, "The credit union community has been working with Mr. Kanjorski and Mr. Royce for a long time on this through CURIA." He added that he did not think it was distracting from CURIA, which both groups have worked about half a decade on.
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