CUNA reported that it has been informed by House Financial Services Committee Chairman Michael Oxley (R-OH) that there are no plans to split credit union regulatory relief provisions into a separate bill. Instead, those credit union provisions are likely to be included in a single regulatory relief bill aimed at all types of financial institutions. There had been some discussion of splitting the credit union provisions into a separate bill, with provisions for banks and thrifts packaged separately.
Both CUNA and the bank trade groups support the single bill, believing it will be easier to pass the legislation if it remains a package. Included in that legislation is an increase in the cap on member business loans by credit unions to 20% from the current 12.5%.
- From CU Journal Reports.