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February 27, 2008 - NASCUS announced today 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.
NASCUS Chairman George Reynolds, senior deputy commissioner of the Georgia Department of Banking and Finance, will represent NASCUS at the March 6 hearing. Reynolds will discuss NASCUS’ position on CURIA and regulatory relief priorities for state-chartered credit unions. He will highlight regulatory reforms to strengthen the state system of credit union supervision and enhance the capabilities of state-chartered credit unions to meet the financial needs of their members.
Congressmen Paul Kanjorski (D-Pa.) and Ed Royce (R-Calif.) re-introduced CURIA on March 15, 2007. The bill includes changes to net worth requirements, increases the member business lending cap and adds requirements related to credit union conversions. NASCUS believes CURIA is important legislation that will advance regulatory modernization and enhance the safety and soundness of the credit union system.
NASCUS testimony will be available on the NASCUS Web site following the March 6 hearing at www.nascus.org.
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