WASHINGTON — Sen. Mary Landrieu (D-La.) has become the fifth co-sponsor of a measure that would provide comprehensive regulatory relief to credit unions.
Landrieu is backing the Credit Union Regulatory Improvements Act (S. 2957), which is sponsored by Sen. Joseph Lieberman (I-Connecticut). The measure includes risk-based capital reform and raises the member business lending cap from 12.25% to 20%.
Lobbyists for CUNA and NAFCU have said given the minimal amount of time left for legislative business this year, the prospects for Senate action on regulatory relief are uncertain, even though the House passed a less comprehensive measure last month.
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The Credit Union Bank and Thrift Regulatory Relief Act (H.R. 6318) 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.
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