New Credit Union Regulatory Relief Bill Introduced

On Monday, Representative Paul Kanjorski (D-Pa.) released a new credit union regulatory relief bill, H.R. 5519.  It contains most of the provisions of CURIA (H.R. 1537), but not all of them.

Here's a NAFCU Today article that talks about the legislation.  Here's a link to the text of the bill.  Here are some highlights:

• The bill would revise governance provisions affecting member expulsion and would permit term limits for board members under the bylaws
• It would allow greater credit union investment in CUSOs
• It would empower NCUA to establish longer maturity limits for certain loans
• It would expand exemptions from the definition of "member business loan"

Here's a link to Rep. Kanjorski's main web page if you want to contact him to say thanks.  Here's a link to NAFCU's Grassroots Action Center.  From here, you can (scroll down) enter your zip code to find the contact information for your representatives.   (For example, if you wanted to voice your support for both H.R. 5519 and H.R. 1537.  Hint, hint.)