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House CU reg relief hearing today
WASHINGTON (3/6/08)—Today, as more than 4,500 credit union representatives attend the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) here, the House Financial Services Committee will launch a comprehensive look at credit union regulatory relief issues. In a hearing entitled “The Need for Credit Union Regulatory Relief and Improvement,” CUNA Chairman Tom Dorety, CEO of Suncoast Schools FCU, Tampa, Fla., will testify. Other groups expected on the witness panels include the National Credit Union Administration, the National Association of State CU Supervisors, the National Association of Federal Credit Unions and two banking industry representatives. NCUA’s Johnson, speaking at the GAC Wednesday, said her testimony will key in on two major issues. She said she will address the importance of creating a risk-based capital system for credit unions by reforming prompt corrective action (PCA) rules. Also, she will make her case for allowing all credit union charter types to offer services to underserved areas. Major discussion is expected to be devoted to those and other provisions of the Credit Union Regulatory Improvements Act, H.R. 1537, introduced by Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.). CURIA, among other things, also proposes to increase the member business lending cap to 20%, up from 12.25%, of a credit union’s assets. Reps. Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) introduced a new credit union bill Monday, one which would offer regulatory relief in 12 areas but does not go as far as the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537). Also expected to testify at the hearing are representatives from the American Bankers Association and the Independent Community Bankers of American. Today’s hearing, at 10 a.m. ET, will be streamed live on the Web. Use the resource link below. Click on the orange box that says "Click here to watch live webcast of this hearing."
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