WASHINGTON — Leaders of the House Financial Services Committee are finally planning to hold hearings on the CU Regulatory Improvements Act, the 5-year-old bill better known as CURIA.
The hearing, expected to be held next month, would focus on the three top priorities for credit unions, creation of a risk-based capital system, raising of the limits on member business loans and expanding the ability to add underserved communities to include community charters, one lawmaker involved in the planning told Credit Union Journal last week
The lawmaker said he expects some kind of regulatory relief will be passed this year, if not as part of CURIA, then part of another financial services bill.
The credit union lobby balked at a half-baked plan in the Senate Banking Committee to add several regulatory relief plans to the so-called Wal-Mart Bank Bill because the plan did not include any of these provisions, which are central to CURIA.
The regulatory relief bill was never voted on, but Sen. Chris Dodd, chairman of the banking panel, pledged to find some bill to which to attach reg relief.
CURIA, which was first introduced three congresses ago, had 143 House sponsors as of last week. Though that may seem like a lot, more than one observer has pointed out that numerous bills have collected well over the 218 sponsors – more than half the 435 House members – you might think would ensure passage of a bill, but never even reached a vote.
The Senate has yet to introduce its own version of the bill.
(c) 2008
