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Washington
Reynolds signs on as CURIAs 139 supporter
WASHINGTON (12/13/07)—Rep. Thomas Reynolds (R-N.Y.) is the newest co-sponsor of the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537), bringing the total number of official backers to 139. The addition of Reynold’s name to the co-sponsor list also brings the number of House co-sponsors from New York to 15. CURIA provisions are intended to help credit unions better serve their members. Two key proposals in CURIA would: implement a risk-based capital approach for credit unions to make it more closely resemble the current Federal Deposit Insurance Corp. capital standard for banks, and; raise the current threshold on credit unions' member-business lending to 20% of assets from the current 12.25%. The bill also proposes to clarify the 1998 Credit Union Membership Access Act to allow all credit unions, regardless of charter type, to serve those in underserved areas. The bill would also update the definition of an underserved area, incorporating definitions from the Community Development Financial Institutions Act and the New Markets Tax Credit. For information about other CURIA provisions and to access the official co-sponsor list, use the resource links below.
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