WASHINGTON — In light of protests from the banking lobby and concerns that it might not pass, the House leadership has postponed today's scheduled vote on the Credit Union Regulatory Relief Act.
A vote on CURRA (H.R. 5519) has not been rescheduled yet, though lobbyists for both major trade associations said they were optimistic that it will take place later this session.
The bankers' concerns–which centered on their belief that the measure gave credit unions permission to provide more services that would provide competition to banks–were a potential stumbling block because had a roll call vote been required, the measure would have needed a two-thirds majority.
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If the leadership brings up the measure later during this session of Congress, it would probably do so under rules requiring only a simple majority to pass.
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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