House Passes On Regulatory ReliefBill

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WASHINGTON - (03/09/06) – For the second Congress in arow, the House overwhelmingly approved a credit union-backedregulatory relief bill Wednesday, and passed on to the Senate. Butthe bill, which has as many as 15 provisions requested by creditunions, now goes to the Senate, which has dragged its feet onregulatory relief now for three straight congresses. Sen. MichaelCrapo, R-Idaho, however, said last week he hopes to finallyintroduce a Senate version of regulatory relief later this month.Both bills are expected to include provisions allowing federalcredit unions to provide limited services to non-members withintheir fields of membership; retain their select groups afterconverting to community charters; allowing NCUA, instead ofCongress, to set limits on permissible credit union investments andloan maturities; and allow privately insured credit unions to jointhe Federal Home Loan Bank System. The bills are not expected toinclude proposals to enact a risk-based capital system for creditunions and require that at least 20% of members vote on conversionto a mutual savings bank, wich are included in the creditunion-specific CURIA bill.

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