WASHINGTON --After months of political wrangling, the House is scheduled to vote Tuesday on a measure that would give credit unions some of the regulatory relief they have been seeking.
The Credit Union Bank and Thrift Regulatory Relief Act (H.R. 6318) also grandfathers in existing designations of underserved areas and allows federal credit unions to apply to serve underserved areas outside their field of service. Loans in those communities and to religious non-profit institutions would not count against their Member Business Loan cap.
The bill is being considered on an expedited schedule and being placed on the Suspension Calendar, which means it could pass by voice vote. If a recorded vote is taken, it must pass by a two-thirds vote in the 435-member chamber. The measure's fate in the Senate is unclear.
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