Congress won't be voting this year on the CU Regulatory Improvements Act, the regulatory relief package known as CURIA, despite the number of sponsors on the package growing to more than 120.
"We've already voted on regulatory relief," Rep. Spencer Bachus (R-AL), chairman of the House Financial Services Financial Institutions Subcommittee, told The Credit Union Journal. Bachus said he has no plans to move the bill to a drafting session and vote by his committee, rendering the bill dead for this Congress.
The bill includes more than a dozen provisions for credit unions, most of which are not in the regulatory relief bill approved last week by the Senate Banking Committee.
They are enactment of a risk-based capital system for credit unions; lifting the 12.25% of assets cap on member business loans; requirement that at least 20% of members vote on conversion to a mutual savings bank; allowing privately insured credit unions to join the Federal Home Loan Bank System; and allowing federal credit unions to retain their select employee groups after converting to a community charter.
