WASHINGTON — With a massive phone and e-mail campaign and a use of the new media, credit unions and their advocates are trying hard to win passage of the Credit Union Regulatory Relief Act during its scheduled House of Representatives vote on Tuesday.
Both major trade associations have urged members to contact lawmakers both about the virtues of the bill (H.R. 5519) and to counter efforts by the banking lobby, including a fly-in by some of its members to try to kill the measure.
“Our members are emphasizing that credit unions need regulatory relief. They haven't been the bad actors in the subprime debacle,” said NAFCU Director of Legislative Affairs Brad Thaler.
In a YouTube plea posted Friday, a night, a shirtsleeves-clad CUNA President Dan Mica said: “we've had enough of this nonsense from the banks. They've declared all-out war…We need to flood the Congress with our concern over the bankers' attitude.”
CURRA is scheduled to be discussed after 2 p.m. Tuesday under special rules, which mean the measure could be approved on an expedited basis by voice vote. Officials of NAFCU and CUNA are working overtime because under these rules, if a vote on the measure is called for, it must receive support from two-thirds of those present.
CURRA includes a provision to adopt underserved areas and new sections that would allow credit unions to offer payday lending services to anyone in their fields of membership and encouraging small business development in rural communities.
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