WASHINGTON -
NAFCU Lobbyist Brad Thaler said the trade association is in talks with lawmakers on both sides of the aisle about trying to get some aspects of the Credit Union Regulatory Improvement Act into the economic stimulus package lawmakers currently are crafting. The idea, he said, is issues such as reforming Prompt Corrective Action and changing or eliminating the cap on member business lending could help free up valuable capital that could be used to help the economy.
“It could be something of a long shot,” Thaler conceded. “The big debate isn’t whether to include credit union provisions but whether to go for a more tailored, stripped down bill, or a fuller package of multiple initiatives.”
Though Thaler said lawmakers have indicated there’s a recognition that resolving some of these credit union issues could help the economy, the problem may be Congress’ need for speed on an economic stimulus bill, which may mean a tailored bill that would focus primarily on tax cuts would have a better chance than a larger bill.
