CURIA Will Have To Wait

WASHINGTON (03/02/06) -- Congressional banking committees are likely to remain occupied with an omnibus regulatory relief for credit unions, banks and thrifts in the months before this fall's elections, making extremely unlikely a vote on the credit union-specific relief bill, known as CURIA, according to one leading lawmaker. "We're focused on regulatory relief now," Rep. Michael Oxley, chairman of the House Financial Services Committee, told attendees to CUNA Government Affairs Committee Tuesday. Oxley said the regulatory relief bill has passed his committee and he hopes it will be voted by the full House later this month. The regulatory relief bill has many, but not all of the provisions that CURIA has. Among the CURIA provisions absent are enactment of a risk-based capital system for credit unions and a provisions requiring at least 20% of members vote on conversion of a credit union to mutual savings bank. (CU Journal)