WASHINGTON - After CUNA President Dan Mica’s obligatory remarks against the banks, the former Florida congressman told GAC attendees about a new credit union reg relief bill that some are calling “CURIA Lite” and which was first reported by the Credit Union Journal.
The new bill, sponsored by CU champion U.S. Rep. Paul Kanjorski (D-PA), includes 11 of the 13 provisions of the Credit Union Regulatory Improvement Act that has been the Holy Grail for the CU lobby for the last few years. The two relief provisions that are missing, however, are significant–the removal of relief on the member business lending cap, and removal of a provision related to Prompt Corrective Action.
With just 145 co-sponsors signed onto CURIA–it takes 218 for a majority vote in the House–the odds of getting the much-sought-after bill through the House, much less the Senate, any time soon are long. Kanjorski, therefore, has been seeking to find a faster way to bring at least some of the regulatory relief to credit unions by eliminating the two provisions that have been the primary sticking points.
“This will be a new day for credit unions,” Mica suggested, even as he urged credit unionists to lobby their lawmakers for both CURIA and CURIA Lite (see related story, page 1).
Mica also touched on another topic that was a recurring theme throughout the conference: the troubled economy. His message: “Don’t overreact.”
History has shown, he said, that in times of crisis, credit unions not only rise to the occasion but find opportunity in the occasion.
“People are looking for sanity. They are looking for compassion. They are looking for trust,” he said, suggesting that credit unions can be many people’s port in the economic storm.
“Now is not the time to circle the wagons,” he exhorted. “It’s a time of compassion, a time to reach out to folks with toxic loans.”
