WASHINGTON – The Senate finally introduced its own version of the CU Regulatory Improvements Act – better known as CURIA – which has been languishing in the House for more than five years.
The Senate version is identical to the House bill and would: enact a risk-based capital system for credit unions; lift the limits on member business loans; allow credit unions converting to community charters to retain their select groups; and, make it more difficult for credit unions to convert to mutual savings banks, among other provisions.
The pending Senate version was announced by Sen. Mary Landrieu, D-La., March 4 at CUNA’s Government Affairs Conference, but was held up because of a lack of a Republican co-sponsor.
As introduced yesterday by Democratic Sen. Joe Lieberman of Connecticut, without Landrieu’s name on it, the bill still lacks a Republican co-sponsor.
The House version, first introduced in 2003, has more than 150 co-sponsors.
