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On this page you will find information and NASCUS
commentary on proposed federal legislation that may
affect state chartered credit unions. NASCUS’ general
policy is to comment only on federal legislation
that affects the dual chartering system or could
impact state-chartered credit unions, substantially
impact state-chartered credit union share insurance
requirements or infringe upon state regulatory authority.
To view NASCUS Congressional
testimony, click here.
2008 Legislative News and Commentary
Housing Issues and Financial Markets Continue to be a Priority in Congress
July 25 - The long-debated mortgage reform bill passed in the House on July 23, 2008 by a vote of 272 to 152. The Senate could vote on the legislation as soon as next week and send it to the President to be signed into law.
State Credit Unions May Get Some MBL Relief in House-Approved Regulatory Relief Bill
June 25 - State-chartered credit unions may benefit from two provisions impacting member business lending (MBL) in H.R. 6312, the Credit Union, Bank, and Thrift Regulatory Relief Act of 2008, (CUBTRRA), passed yesterday in the House without objection.
Vote on Housing Rescue and Foreclosure Prevention Act Expected This Week
June 23 - Leaders in both the House and the Senate expressed their intentions to have final legislation on the President’s desk for approval by the July 4 holiday.
President Signs Bill that Bolsters Student Lending Options for Credit Unions
June 13 - A new law is making it easier for credit unions to provide student loans to its members. During the past year, narrowing margins and the disruption in the marketplace may have pushed some credit unions out of the student lending market.
NCUA Chairman Johnson Tells Senate Committee Credit Unions Remain Strong in Economically Challenging Market
June 6 - State and federal regulators appeared before the Senate Banking, Housing and Urban Affairs Committee on June 5 to continue examining the supervisory and regulatory effectiveness of the financial services industry during this time of economic turmoil.
Senate GSE Reform Bill Would Apply National Mortgage Licensing System Nationwide to Credit Unions
May 30 - The Federal Housing Finance Regulatory Reform Act of 2008, passed May 20 in the Senate Banking, Housing and Urban Affairs Committee, contains provisions that would include credit unions in registration requirements of a national mortgage licensing system.
Chairman of House Financial Services Subcommittee Optimistic About Passage of Housing Reform Bill This Summer
May 21 - Congresswoman Carolyn Maloney (D, N.Y.) expressed confidence that a housing reform bill would pass in Congress by July at a luncheon hosted by Women in Housing and Finance (WHF) on May 21.
Senate Banking Committee Passes Comprehensive Housing Reform Legislation
May 21 - This legislation includes major efforts to create more affordable housing, to prevent the rising number of foreclosures and to reform the regulation of the government-sponsored enterprises (GSEs).
House Passes Comprehensive Bill to Help Homeowners
May 9 - The American Housing Rescue and Foreclosure Plan, H. R. 3221, combines a number of bills including measures to modernize the Federal Housing Administration (FHA) and reform Government Sponsored Enterprises (GSEs).
CURIA Legislation Introduced in Senate
May 1 - After several months of anticipation, a Senate version of the Credit Union Regulatory Improvements Act (CURIA) was introduced May 1.
Mark-ups Scheduled for Mortgage Relief Bills in the House
April 21 - House Financial Services Chairman Barney Frank (D, Mass.) announced that mark-ups will be held April 23 and 24 on two measures to combat the unprecedented rise in foreclosures.
House Financial Services Chairman Reveals Significant Policy Options to Address Economic Crisis
March 20 - At the Boston Chamber of Commerce on March 20, House Financial Services Committee Chairman Barney Frank (D-Mass.) highlighted several considerable possibilities for policy reforms to stabilize the housing market and the challenged economy.
NASCUS Chairman Highlights Capital Modernization as Critical Element of Credit Union Regulatory Relief at March 6 Hearing
March 7 - NASCUS Chairman George Reynolds (GA) testified on behalf of NASCUS and state regulators at a hearing of the House Financial Services Committee focused on regulatory relief for credit unions on March 6.
Need for Capital Reform and Member Business Enhancements Focus of Credit Union Regulatory Relief March 6 Hearing
March 7 - The hearing “The Need for Credit Union Regulatory Relief and Improvement” was the first hearing in nearly five years focused exclusively on credit union issues.
CURRA Legislation Includes Some CURIA Provisions, But No Capital Reform
March 7- 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.
NASCUS to Testify at House Financial Services Committee March 6 Hearing on CURIA and Regulatory Relief
February 27 - NASCUS announced that it has accepted an invitation to testify before the House Financial Services Committee on March 6 at the hearing to discuss the Credit Union Regulatory Improvements Act (CURIA), H.R. 1537, and regulatory relief for credit unions.
Congress Schedules Hearing to Discuss Community Reinvestment Act
February 7 - The House Financial Services Committee scheduled a hearing on February 13 to discuss the Community Reinvestment Act (CRA). The hearing is scheduled to coincide with the 30th anniversary of the Act.
House Financial Services Committee Reveals Agenda for 2008, Discusses Economic Stimulus Package
January 25 - NASCUS attended a news conference January 24 to understand priorities of the House Financial Services Committee for 2008 and to learn more about the Committee’s position on the recent economic stimulus package presented by the Bush Administration. read more >
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