Mica urges pre-recess CURIA drive

WASHINGTON (7/16/07)—Congress is quickly heading toward its month-long August recess and credit unions must immediately redouble pressure on lawmakers to gain support for the 2007 Credit Union Regulatory Improvements Act (CURIA, H.R. 1537), urges President/CEO Dan Mica of the Credit Union National Association (CUNA).

In his latest Mica Minute blog posting, Mica warns that bankers' have said their agreement to merge two large lobbying groups is motivated, in part, by a desire to be more focused in their attacks on credit unions. The American Bankers Association and America's Community Bankers announced they will merge by the fourth quarter of this year.

The bankers want, Mica says, to shut down credit unions and to shut down CURIA.

"The American consumer will lose if we don't have credit unions," Mica says, encouraging credit unions to "speak with one voice" in support of CURIA.

CURIA proposes regulatory changes for credit unions that would ease the member business lending cap, established a risk-based capital structure, and address field of membership rules to allow all credit unions, regardless of charter type, to serve those in underserved areas. It also would establish additional consumer safeguards in the event of a credit union conversion to another form of financial institution.

As of late Friday, the bill was backed by 117 members of the House who have signed on as co-sponsors, plus Rep. Paul Kanjorski (D-Pa.) who introduced the bill with Rep. Ed Royce (R-Calif.) in March. That number is just seven away from the number of official supporters signed on during all of the 109th Congress. (See related story, "Mollohan, Brady sign on: CURIA hits 118")

print this story email this story
Resource Links
Mica Minute
CURIA 2007
More CU-related videos


More Washington

Copyright © 2012 Credit Union National Association