CURIA Chances Dim

WASHINGTON – The prospects for passage of the credit union regulatory relief bill known as CURIA are slim and getting slimmer, conceded the chief sponsor of the bill yesterday. Paul Kanjorski, the Pennsylvania Democrat who drafted the bill, told 400 attendees of NAFCU’s Congressional Caucus he thinks Congress might hold a hearing on CURIA, but he is concerned debate and a vote on the measure will get pushed aside, especially as Congress approaches the 2008 elections. "I wouldn’t anticipate there will be very much legislation," said Kanjorski. After his speech, Kanjorski told The Credit Union Journal the legislative calendar is short, even though there is more than a year left on the two-year Congress. That’s because the second year will be occupied by major issues, such as the war in Iraq and electioneering. CURIA, officially the CU Regulatory Improvements Act, has five major provisions in it, including an increase in the business loan limit for credit unions and creation of a risk-based capital system. The bill also has a provision favored by Kanjorski which would make it more difficult for credit unions to convert to mutual savings banks by requiring at least 30% of all members vote to charter switch.