House To Begin Regulatory ReliefReview
WASHINGTON - (05/16/05) -- Just days after introduction of abill to provide regulatory relief for credit unions-the so-calledCURIA--lawmakers will begin in earnest the process of a broaderregulatory relief review for all financial institutions, includingbanks and S&Ls, as well. Representatives from CUNA, NAFCU andthe banking trade groups will testify Thursday before the HouseFinancial Services Subcommittee on Financial Institutions on theirrecommendations for ease regulatory burden. NCUA and the bankingregulators are expected to air their views at later hearings. Abill being crafted by committee members is expected to include mostof the provisions included in the CU Regulatory Improvements Actintroduced last week, except for those easing the cap on memberbusiness lending and creating a risk-based capital system forcredit unions. A similar regulatory relief package passed theFinancial Services Committee in the last Congress and was passed byHouse, but never got voted by the Senate, mainly because ofdisagreements over new regulations for Industrial Loan Companies,so-called back-door banks, and because of the bankers' vehementopposition to the credit union provisions.