Letters to Reps Oxley and Frank Regrding H.R. 3505 Mark Up on October 27, 2005
October 25, 2005
The Honorable Michael G. Oxley
U. S. House of Representatives
House Committee on Financial Services
Washington, D.C. 20515
Dear Chairman Oxley:
On behalf of the Credit Union National Association (CUNA), which represents nearly 9,000 credit unions and their 87 million credit union members, I would like to congratulate you on your efforts to move forward on marking up H.R. 3505,the "Financial Services Regulatory Relief Act of 2005."
As you know, credit unions remain the most highly regulated and restricted of all insured financial institutions, and thus are strongly supportive of your efforts to pass regulatory relief legislation over the last few years. We are grateful for all of the credit union provisions that have been included in Title III. We feel, however, that the measure would be even stronger if provisions were included to modify the member business lending limitations imposed on credit unions, as well as provide for capital modernization modeled on a risk-based prompt corrective action (PCA) system.
Please feel free to contact me or my staff should you have any further questions or require any additional information.
Once again, thank you for taking the initiative to swiftly approve well needed regulatory relief legislation.
Daniel A. Mica
President & CEO