WASHINGTON (4/28/08)—On the cusp of an important House vote on credit union regulatory relief legislation, the Credit Union National Association (CUNA) and the leagues are urging credit unions to push back banker opposition and help clear the way for H.R. 5519, the Credit Union Regulatory Relief Act (CURRA).
The House is scheduled to consider the bill Tuesday (see related story : House set for CURRA vote tomorrow
) and the credit union groups urged their members to contact House lawmakers in support of CURRA. “Unfortunately, the bill is facing opposition by the American Bankers Association and other anti-credit union interests. We need your help to secure CURRA’s passage in the House of Representatives,” CUNA and the leagues said in their Friday Action Alert. It added: “The bankers have declared that credit unions can have nothing, not now or ever. We need this win to show them otherwise! “ Credit unions were asked to call or email Congress immediately with the following messages:
* H.R. 5519 should be non-controversial – most of the provisions of bill have already passed the House in 2004 and 2006. The only new provisions within CURRA are targeted to allow credit unions to serve underserved people and areas and were very recently discussed at a hearing before the House Financial Services Committee on March 6. * This is the first major piece of credit union specific legislation to be considered in the House of Representatives since 1998. * CURRA would help credit unions serve people and areas that do not have access to mainstream financial service providers. This is common sense. It is part of the core mission of credit unions to serve consumers, but only multiple group credit unions are eligible to serve the underserved under current law. CURRA makes all federally chartered credit unions eligible to serve the underserved areas. * VOTE YES on H.R. 5519. This is important legislation that will help credit unions serve their members well in the 21st century.
CUNA and the leagues support CURRA, but emphasize that credit unions need additional regulatory relief that are included the provisions in the broader credit union bill, the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537). Use the resource links below for more information.