WASHINGTON – While fending off attacks by the bankers, CUNA is lobbying the Democratic and Republican conventions to include provisions of its long-sought regulatory relief bill, the CU Regulatory Improvements Act, in their party platforms.
CUNA President Dan Mica is lobbying the parties to ensure the credit union tax exemption and the independence of NCUA and to consider enacting several reforms in CURIA, which appears to be dead in Congress.
“Credit unions have not been the subject of significant regulatory relief in over 25 years,” said Mica in his letter. “There are several statutory changes we have asked Congress to consider which would improve productivity and efficiency in a competitive and dynamic marketplace, and will translate into better and lower-cost service to credit union members.”
In a letter to the chairman of the platform committee of each party, Mica mentioned the proposals to enact a risk-based capital system, expand business lending for credit unions and extend the ability to branch into underserved areas to all credit unions.
CUNA’s bid comes two days after the American Bankers Association began lobbying the platform committees for both parties to rein in credit unions by requiring that they focus their service on people of modest means.
The bankers are also calling on both parties to review the effects of market value accounting; reform money laundering disclosures; strengthen charter choice and dual chartering; and, implement “pro-business tax polices.”
A credit union regulatory relief bill, which was combined with a relief bill for banks and thrifts, passed the House two months ago, but it does not include the two major credit union priorities cited by Mica: risk-based capital and business loan expansions. The bill has yet to be taken up by the Senate, meaning it probably is dead for the year.
CUNA will have a large contingent of lobbyists attending the Democratic Convention in Denver next week, and the Republican Convention in Minneapolis the week after.
