Vote On CU Relief Bill Delayed
WASHINGTON-The House Financial Services Committee agreed last week to delay a vote on the credit union-backed regulatory relief bill, as skirmishing between the credit unions and banks heated up. Capitol Hill sources said the bill was pulled from consideration because of continued disagreement over key elements, including treatment of the industrial loan companies, so-called back-door banks, which allow non-financial companies to offer banking services.
But the abrupt postponement of the bill also came just hours after the banking trade groups-American Bankers Association, America's Community Bankers Independent Community Bankers of America, and Financial Services Roundtable-joined together to ask the committee to ignore credit unions' efforts to get favored provisions inserted into the bill-creation of a risk-based capital system and an increase on the statutory limits on member business loans. The presence of the banker's Roundtable is significant because the group, which represents the nation's biggest banks, has remained outside the bankers' fight with credit unions until now.
The risk-based capital and business loan provisions are currently included in a separate bill known as the CU Regulatory Improvements Act, or CURIA, but the credit union lobby has been working to get the measures included in the broader regulatory relief package that has a greater chance of final passage.
Relief Offered After Wilma
KEY WEST, Fla.-To help in the relief of Hurricane Wilma, Keys FCU announced Wednesday it has waived all foreign ATM fees for those who evacuated and who had to get cash. In addition, it is offering a special $5,000, 5%, fast-approval signature loan, said it is fast-tracking loan requests (such as home equity for home repairs), offering skip-payment options and extending the renewal grace period on certificate renewals. Many credit unions across Florida remain shuttered due to the widespread power outages.
Corrections & Clarifications
* The address for the $1.8-billion Ent FCU appeared incorrectly in the Credit Union Factbook & Buyers Guide, Aug. 22. The correct address is 7250 Campus Drive, Colorado Springs, CO 80920
* A report in the Oct. 19 issue should have clarified that Cornerstone Advisors acted solely to review First Tech Credit Union's core system options, and did not act as an advisor on its investment in Open Technology Solutions.
* The logo for CSE FCU, Sulpher, Louisiana, appeared incorrectly in the Day in the Life map on page 1 of the Oct. 24 issue. The logo that appeared was that of CSE FCU in Canton, Ohio.