CURIA: Kanjorski Eyes New Way on CU Conversions

WASHINGTON - (2/28/2007) - Lawmakers are still dickering over new limits on member business lending, as they try to wrap up work on CURIA and introduce it in the House. Pennsylvania’s Paul Kanjorski, the hero of HR 1151 a decade ago, told attendees to CUNA’s Governmental Affairs Conference he is considering new ways to make it tougher to convert to mutual savings banks as he completes drafting the bill, the CU Regulatory Improvements Act. An ardent critic of the credit union conversions, Kanjorski said he may require a special meeting of members before they vote on the charter switch, and also require at least 30% of all members vote. This would make it very difficult to convert because few of the 40 credit unions converting to savings bank so far have obtained a 30% vote. (CU Journal)