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Washington
CUNA urges Senate support for CURIA
WASHINGTON (3/10/08)—The Senate can help credit unions continue their mission of serving working families, making needed services available to lower-income or underserved consumers, as well as help promote economic growth, by backing a Senate version of the Credit Union Regulatory Improvements Act (CURIA), the Credit Union National Association (CUNA) said in a letter to every U.S. Senator. At the CUNA Governmental Affairs Conference in Washington last week, Sen. Mary Landrieu announced she will introduce CURIA in the Senate. Her bill is expected to be identical to that introduced by Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) in the House last March. That bill has a total of 145 official backers in the House, and more are expected to sign on soon, after credit union efforts to garner additional support during Capitol Hill visits made in conjunction with the CUNA GAC. Sen. Joseph Lieberman (I-Conn.) also used the GAC as his venue for announcing he will sign onto the bill as an original co-sponsor. CUNA President/CEO Dan Mica urged Senate support of the bill to “enable credit unions to serve the best interests of their members.” “Specifically, CURIA will modernize credit union capital standards to permit more efficient capital management while allowing more earnings to be returned to members in lower costs and expanded services. It will expand the ability of credit unions to make loans to finance their members’ local small businesses. “It will permit more credit unions to offer needed services in lower-income communities that are not adequately served by other depository institutions. And it will improve the quality of services to credit union members by updating or removing burdensome regulations,” Mica noted in the March 6 letter. Mica added that CUNA looks forward to working with the senators and their staffs “on this and other important legislation.”
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