Number: RS22661
Title: Credit Union Regulatory Improvements Act (CURIA): H.R. 1537 and S. 2957
Authors: Pauline Smale, Government and Finance Division 
Abstract: Regulatory modernization legislation for credit unions, the Credit Union Regulatory Improvements Act (CURIA), has been introduced in both the House and Senate. H.R. 1537 (CURIA 2007) was introduced on March 15, 2007, and S. 2957 (CURIA 2008) was introduced on May 1, 2008. The two bills are virtually identical except for technical corrections. The legislation would modernize capital requirements, raise the cap on member business lending, enhance the ability of credit unions to serve financially underserved areas, and provide regulatory relief. For the past three Congresses, credit union representatives have advocated for legislation that would address what they maintain are outdated restrictions and the growing costs of regulatory compliance. Regulatory modernization would increase the ability of credit unions to grow and serve their membership. The banking industry has generally opposed legislation that would increase the powers of credit unions. In prior Congresses, some provisions of credit union specific legislation were incorporated into omnibus legislation that would reduce regulatory requirements on all depository financial institutions. Credit union representatives have remained committed to the passage of a complete package of provisions most recently introduced as CURIA.
Pages: 5
Date: June 16, 2008