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Mica in iPoliticoi Bankers should learn from CUBTRRA
WASHINGTON (7/11/08)—A current seeming détente between credit union and bank lobbying forces—declared to improve chances for regulatory relief for all financial institutions this year—is likely to be short lived. However, Credit Union National Association (CUNA) President/CEO Dan Mica told Politico that the bankers have much to learn from it. In a July 10 article, Mica noted that banks have been trying for years to get certain regulatory relief provisions passed by the U.S. Congress. But, he noted, they “couldn’t get it done this time without working with credit unions on the broader legislation.” Politico is a prominent publication widely read on Capitol Hill and by Washington's political establishment. The article referred to the Credit Union, Bank and Thrift Regulatory Relief Act (CUBTRRA) and said the “modest yet carefully crafted package of regulatory tweaks” has the rival credit union and banking lobbies “working toward the common goal of Senate floor consideration before the legislative calendar runs down.” The House has passed the bill and under normal circumstances the Senate Banking Committee would hold a hearing, and then conduct a vote, before passing the package along for consideration on the Senate floor. “The bill’s passage (in the House) demonstrated the recognition that credit unions needed to be treated fairly and with parity,” said Mica, who hopes it will be followed by “serious and active consideration” of credit unions’ capital reserve and business lending needs. “The bankers have started to realize that it’s not just a one-shot playing field for them,” he said. “We’re going to have to work together or nothing is going to happen.” The article went on to say that both credit union representatives and bankers think the bill’s industry-wide support, along with the strongly favorable vote in the House—will put CUBTRRA on the short track directly to a Senate floor vote. “If ever there was an opportunity to try to fast-track something, this is it,” Mica said in the piece entitled, “Credit unions, banks join forces for now.” “We’re going to do our best. The enemy for us is time,” Mica noted, referring to the abbreviated Senate calendar. The Senate announced this week that it will adjourn for the year on Sept. 26 because of the upcoming federal elections. Use the resource link below to read more.
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