WASHINGTON — Citing the strong work of credit unions in serving the underserved and their record as responsible lenders, NAFCU urged the platform committees of both parties to endorse regulatory relief measures pending before Congress.
NAFCU President and CEO Fred Becker wrote that passing the Credit Union Regulatory Improvements Act (CURIA), which includes risk-based capital reform and raises the member business lending cap from 12.25% to 20%, would help credit unions provide more people with much-needed access to capital.
“CURIA would also allow credit unions, regardless of charter type, to add underserved areas to their field of membership. This would make a necessary clarification, enabling credit unions to help those who other institutions have turned their backs on and left behind,” Becker wrote in letters to Democratic and Republican platform committee members.
The bill (H.R. 1537 and S. 2957) has 150 cosponsors in the 435-member House and four cosponsors in the 100-member Senate.
Becker also urged the committees to support maintaining the tax-exempt status of credit unions and said removing the exemption would “be akin to proposing a tax increase on 90 million hard-working Americans who are member-owners of credit unions.”
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