WASHINGTON (11/20/08)—The Credit Union National Association (CUNA) continues to assiduously monitor developments in bankruptcy legislation but is advising credit unions that the real story on changes to the code will unfold next year. CUNA's Governmental Affairs Committee is scheduled to meet in early December, and legislative pushes to change bankruptcy rules will be a top issue for discussion. Meanwhile, according to CUNA Vice President of Legislative Affairs Ryan Donovan, CUNA will be watching for a revised bill from Sen. Richard Durbin (D-Ill.), who is a proponent of giving judges authority to alter the terms of distressed mortgages in bankruptcy cases. Durbin, the Senate majority whip, this week announced introduction of his Homeowner Assistance and Taxpayer Protection Act, which is meant to provide foreclosure relief to mortgage borrowers. However, the bill varies little from legislation he offered at the beginning of the year, and which failed to clear the Senate. “The real story will be next year when he introduces his revised bankruptcy bill,” said Donovan Wednesday. Use the resource link below for CUNA resources on bankruptcy reform.