Waiting for the CURIA

WASHINGTON – As many as 4,000 credit union executives and volunteers are expected to brave a blizzard raging through the nation’s Capital to wage their first lobbying assault of the 110th Congress for the CU Regulatory Improvements Act–known better as CURIA. Lawmakers are tinkering with a few numbers in hopes of introducing the bill early this week, in order to take advantage of the annual gathering for CUNA’s Government Affairs Conference. The bankers have beaten the credit union lobby to Capitol Hill in advance of CURIA, buying ads in last week’s Roll Call newspaper, widely read on the Hill, calling for the defeat of bill. The cornerstone of the bill will be enactment of a risk-based capital system for credit unions, with four other main provisions targeted: allowing all federally chartered credit unions to add underserved communities; enabling credit unions to retain their select groups after converting to community charters; boosting minimum voting requirements for conversion to mutual savings bank; and lifting the cap on member business lending.