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News Now

Washington
Time tight hope alive for reg relief
WASHINGTON (7/8/08)—Ryan Donovan, vice president of legislative affairs for the Credit Union National Association (CUNA), said Monday there is reason to be hopeful that regulatory relief legislation for credit unions will make it through the Senate this session, but warned that it is far from a sure thing. “I’ve said it before—the congressional calendar is not our friend this year,” Donovan said. However, he added that through CUNA’s work on behalf of regulatory relief legislation in the Senate, he believes such a bill could move in the Senate this year despite time constraints. The logical vehicle, he noted, is the House-passed Credit Union, Bank and Thrift Regulatory Relief Act (CUBTRRA, H.R. 6312). That bill passed the House by voice vote and was referred to the Senate on June 25. Donovan noted that CUBTRRA holds a number of substantive elements that will serve credit union members well, especially provisions that ease field of membership and member business lending (MBL) restrictions in underserved areas. “We expect both the Senate and the House to be in session this week and the next three weeks before recessing from Aug. 1 to Sept. 8,” Donovan said. “When the Congress returns in September, they are scheduled to be in session until September 26th.” “As always, these dates are subject to change and often do,” Donovan said, and added, “ “The point is: time is short for legislative action.” He encouraged credit unions to continue to contact federal lawmakers to encourage passage of credit union regulatory relief. Use the resource link below for more CUBTRRA information.


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