WASHINGTON — While efforts to provide regulatory relief for credit unions are stalled in the House, supporters received good news from the Senate on Thursday when Sen. Joseph Lieberman (I-Ct.) introduced the Credit Union Regulatory Improvements Act.
Its provisions include risk-based capital reform and an increase in member business lending cap from 12.25% to 20%.
"Through his (Lieberman's) action, consumers have the hope of more choices in services, as well as the promise of continued strength for the credit unions they own and direct," said CUNA President and CEO Dan Mica.
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A companion measure (H.R. 1537), introduced by Reps. Paul Kanjorski, (D-Pa.) and Ed Royce (R-Ca..), has 149 co-sponsors but has been stalled because of strong opposition from the banking lobby.
Kanjorski and Royce have introduced a scaled-down bill, the Credit Union Regulatory Relief Act (H.R. 5519) but that too has met resistance from the bankers. It was scheduled to be voted on Tuesday but the leadership postponed consideration.
Mica and other lobbyists are scheduled to meet Friday with House Financial Services Committee Chairman Barney Frank (D-Mass.) to discuss the next steps.
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