Credit Union Regulatory Improvements Act (CURIA): H.R. 1537 and S. 2957 (CRS Report for Congress)
| Release Date |
Revised June 16, 2008 |
| Report Number |
RS22661 |
| Report Type |
Report |
| Authors |
Pauline Smale, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Regulatory modernization legislation for credit unions, the Credit UnionRegulatory Improvements Act (CURIA), has been introduced in both the House andSenate. H.R. 1537 (CURIA 2007) was introduced on March 15, 2007, and S. 2957(CURIA 2008) was introduced on May 1, 2008. The two bills are virtually identicalexcept for technical corrections. The legislation would modernize capital requirements,raise the cap on member business lending, enhance the ability of credit unions to servefinancially underserved areas, and provide regulatory relief. For the past threeCongresses, credit union representatives have advocated for legislation that wouldaddress what they maintain are outdated restrictions and the growing costs of regulatorycompliance. Regulatory modernization would increase the ability of credit unions togrow and serve their membership. The banking industry has generally opposedlegislation that would increase the powers of credit unions. In prior Congresses, someprovisions of credit union specific legislation were incorporated into omnibus legislationthat would reduce regulatory requirements on all depository financial institutions.Credit union representatives have remained committed to the passage of a completepackage of provisions most recently introduced as CURIA.
