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March 7, 2008 - Congressmen Paul Kanjorski (D, Pa.) and Ed Royce (R, Calif.) introduced a slimmed down credit union regulatory relief bill, H.R. 5519, the Credit Union Regulatory Relief Act (CURRA) of 2008.
The majority of the provisions in the bill are also included in H.R. 1537, the Credit Union Regulatory Improvements Acts (CURIA) of 2007.
Several of H.R. 5519 provisions apply to state-chartered credit unions. First, the proposed bill includes an exclusion for member business loans to non-profit religious organizations. In addition, the bill encourages small business development in underserved urban and rural communities by excluding member business loans made to members in underserved communities from a credit union’s business loan cap.
Next, the bill provides exemptions from pre-merger notification requirements and fees of the Clayton Act. (Banks and thrifts already have these exemptions.)
The bill does not include some of the primary provisions found in H.R. 1537, including the provisions concerning risk-based capital and the primary member business lending provisions. CURRA does not include the member business lending provisions that would allow a credit union to have member business loans outstanding of 20 percent of total assets and increase the exemption for business loans to $100,000 from $50,000.
The other provisions in H.R. 5519 apply to federal credit unions. Senator Mary Landrieu (D, La.) and Senator Joe Lieberman (I, Conn.) are expected to introduce legislation that mirrors H.R. 1537 in the Senate in the near future. To view the bill, click here.
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