Lawmakers Broaden Minimum Capital ReliefBid

Register now

WASHINGTON - (10/28/05) -- Just hours after the House votedapproval of a bill to waive the minimum capital standards forcredit unions and banks damaged by Hurricane Katrina, the bill wasreturned to the Financial Services Committee where it was amendedto include those affected by hurricane's Rita and Wilma, as well."We think it's vital at a time like this that we can invest morecapital in the communities and with the residents of thosecommunities to help them rebuild," one credit union lobbyistworking for the capital waivers, told The Credit Union Journal asthe House panel was deliberating over the measure. The amendmenteffectively adds hundreds of credit unions in Texas and Florida, tothose in Louisiana, Mississippi and Alabama to the list of thoseinstitutions eligible for the special relief from capital waivers.The bill must now be returned for a vote by the full House, then goover to the Senate for its deliberations.

For reprint and licensing requests for this article, click here.