Slimmed-Down CURIA Targeted

WASHINGTON – Lawmakers and the credit union lobby are focusing on just four major provisions as they draft this year’s version of the CU Regulatory Improvements Act, better known as CURIA. The top priority, according to lobbyists involved in the process, remains enactment of a risk-based capital system for credit unions; followed by easing or eliminating the maximum allowable member business loans; setting a minimum member participation in votes to convert to mutual savings bank; and allowing community chartered and single common bond credit unions to participate in NCUA underserved expansions program. Several minor provisions will also be proposed, some dealing with governance issues. Representatives of CUNA and NAFCU are negotiating on terms of the four provisions in hopes of convincing members of the House Financial Services Committee to introduce the bill prior to CUNA’s annual government affairs conference next month. That will allow the 3,000 or so credit union operatives in town for the event to lobby their lawmakers on the bill.