Credit Union Regulatory Improvements Act of 2007

To modernize credit union net worth standards, advance credit union efforts to promote economic growth, and modify credit union regulatory standards and reduce burdens, and for other purposes.

3/15/2007--Introduced.
Credit Union Regulatory Improvements Act of 2007 - Amends the Federal Credit Union Act to reduce the minimum net worth ratio requirements of credit unions. Revises the minimum risk-based net ratio for such capitalizations. Transfers from the federal banking agencies to the Federal Deposit Insurance Corporation (FDIC) the authority to adjust the net worth levels of credit unions. Instructs the National Credit Union Administration Board (Board) to design the risk-based net worth requirement to take account of material risks to insured credit unions that are taken account of by comparable standards applicable to FDIC-insured institutions. Establishes a temporary waiver of the net worth restoration plan requirement for an undercapitalized credit union which attains its status due to a major natural or man-made disaster. Revamps requirements for limits and restrictions on member business loans. Authorizes credit unions to lease to any business enterprise separate and clearly distinct space in credit union office buildings in underserved areas. Authorizes the Board, in specified circumstances, to encompass within credit union membership any person or organization within an underserved local community, neighborhood, or rural district. Permits a credit union to invest in securities for its own account. Increases the investment and lending limit in credit union service organizations. Exempts certain voluntary mergers involving multiple common-bond credit unions from the numerical limit for eligibility within the field of membership category of a credit union. Directs the Board to prescribe criteria for continued membership of certain member groups in the case of certain credit union conversions to a community charter. Includes just cause as grounds for expulsion from membership. Authorizes term limits for board members of federal credit unions. Revises voting requirements for credit union conversions to mutual savings banks. Amends the Clayton Act to exempt from its pre-merger notification and waiting period requirements any mergers of one insured credit union activities with another which require agency approval under the Federal Credit Union Act.


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Sponsor

• Rep. Paul Kanjorski [D, PA-11]
• and 150 Co-Sponsors
  • Rep. Neil Abercrombie [D, HI-1]
  • Rep. W. Todd Akin [R, MO-2]
  • Rep. Thomas Allen [D, ME-1]
  • Rep. Jason Altmire [D, PA-4]
  • Rep. Joe Baca [D, CA-43]
  • Rep. Tammy Baldwin [D, WI-2]
  • Rep. Roscoe Bartlett [R, MD-6]
  • Rep. Shelley Berkley [D, NV-1]
  • Rep. Howard Berman [D, CA-28]
  • Rep. Brian Bilbray [R, CA-50]
  • Rep. Gus Bilirakis [R, FL-9]
  • Rep. Rob Bishop [R, UT-1]
  • Rep. Timothy Bishop [D, NY-1]
  • Rep. Sanford Bishop [D, GA-2]
  • Rep. Mary Bono Mack [R, CA-45]
  • Rep. Kevin Brady [R, TX-8]
  • Rep. Robert Brady [D, PA-1]
  • Rep. Bruce Braley [D, IA-1]
  • Rep. Corrine Brown [D, FL-3]
  • Rep. Henry Brown [R, SC-1]
  • Rep. Dan Burton [R, IN-5]
  • Rep. Ken Calvert [R, CA-44]
  • Rep. David Camp [R, MI-4]
  • Rep. Russ Carnahan [D, MO-3]
  • Rep. Christopher Carney [D, PA-10]
  • Rep. Kathy Castor [D, FL-11]
  • Rep. Steven Chabot [R, OH-1]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. John Conyers [D, MI-14]
  • Rep. Robert Cramer [D, AL-5]
  • Rep. John Culberson [R, TX-7]
  • Rep. Elijah Cummings [D, MD-7]
  • Rep. Danny Davis [D, IL-7]
  • Rep. Susan Davis [D, CA-53]
  • Rep. Diana DeGette [D, CO-1]
  • Rep. Rosa DeLauro [D, CT-3]
  • Rep. Norman Dicks [D, WA-6]
  • Rep. John Doolittle [R, CA-4]
  • Rep. Brad Ellsworth [D, IN-8]
  • Rep. Anna Eshoo [D, CA-14]
  • Rep. Sam Farr [D, CA-17]
  • Rep. Chaka Fattah [D, PA-2]
  • Rep. Bob Filner [D, CA-51]
  • Rep. Wayne Gilchrest [R, MD-1]
  • Rep. Raymond Green [D, TX-29]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Luis Gutierrez [D, IL-4]
  • Rep. John Hall [D, NY-19]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Jane Harman [D, CA-36]
  • Rep. Alcee Hastings [D, FL-23]
  • Rep. Walter Herger [R, CA-2]
  • Rep. Stephanie Herseth Sandlin [D, SD-0]
  • Rep. Brian Higgins [D, NY-27]
  • Rep. Maurice Hinchey [D, NY-22]
  • Rep. Mazie Hirono [D, HI-2]
  • Rep. Peter Hoekstra [R, MI-2]
  • Rep. Tim Holden [D, PA-17]
  • Rep. Michael Honda [D, CA-15]
  • Rep. Duncan Hunter [R, CA-52]
  • Rep. Darrell Issa [R, CA-49]
  • Rep. Jesse Jackson [D, IL-2]
  • Rep. Sheila Jackson-Lee [D, TX-18]
  • Rep. Eddie Johnson [D, TX-30]
  • Rep. Henry Johnson [D, GA-4]
  • Rep. Stephanie Jones [D, OH-11]
  • Rep. Steve Kagen [D, WI-8]
  • Rep. Marcy Kaptur [D, OH-9]
  • Rep. Ric Keller [R, FL-8]
  • Rep. Dale Kildee [D, MI-5]
  • Rep. Carolyn Kilpatrick [D, MI-13]
  • Rep. Peter King [R, NY-3]
  • Rep. Joseph Knollenberg [R, MI-9]
  • Rep. Dennis Kucinich [D, OH-10]
  • Rep. John Kuhl [R, NY-29]
  • Rep. Doug Lamborn [R, CO-5]
  • Rep. Tom Lantos [D, CA-12]
  • Rep. John Larson [D, CT-1]
  • Rep. Steven LaTourette [R, OH-14]
  • Rep. Barbara Lee [D, CA-9]
  • Rep. Sander Levin [D, MI-12]
  • Rep. Jerry Lewis [R, CA-41]
  • Rep. John Lewis [D, GA-5]
  • Rep. Daniel Lipinski [D, IL-3]
  • Rep. Frank LoBiondo [R, NJ-2]
  • Rep. Zoe Lofgren [D, CA-16]
  • Rep. Nita Lowey [D, NY-18]
  • Rep. Carolyn Maloney [D, NY-14]
  • Rep. Kenny Marchant [R, TX-24]
  • Rep. Thaddeus McCotter [R, MI-11]
  • Rep. John McHugh [R, NY-23]
  • Rep. Howard McKeon [R, CA-25]
  • Rep. Kendrick Meek [D, FL-17]
  • Rep. Gregory Meeks [D, NY-6]
  • Rep. Michael Michaud [D, ME-2]
  • Rep. George Miller [D, CA-7]
  • Rep. Jeff Miller [R, FL-1]
  • Rep. Alan Mollohan [D, WV-1]
  • Rep. Patrick Murphy [D, PA-8]
  • Rep. Marilyn Musgrave [R, CO-4]
  • Rep. Grace Napolitano [D, CA-38]
  • Rep. Richard Neal [D, MA-2]
  • Rep. Eleanor Norton [D, DC-0]
  • Rep. John Olver [D, MA-1]
  • Rep. Solomon Ortiz [D, TX-27]
  • Rep. Frank Pallone [D, NJ-6]
  • Rep. William Pascrell [D, NJ-8]
  • Rep. Ronald Paul [R, TX-14]
  • Rep. Donald Payne [D, NJ-10]
  • Rep. Steven Pearce [R, NM-2]
  • Rep. Ed Perlmutter [D, CO-7]
  • Rep. Ted Poe [R, TX-2]
  • Rep. Jon Porter [R, NV-3]
  • Rep. George Radanovich [R, CA-19]
  • Rep. Silvestre Reyes [D, TX-16]
  • Rep. Thomas Reynolds [R, NY-26]
  • Rep. Ciro Rodriguez [D, TX-23]
  • Rep. Dana Rohrabacher [R, CA-46]
  • Rep. Peter Roskam [R, IL-6]
  • Rep. Steven Rothman [D, NJ-9]
  • Rep. Edward Royce [R, CA-40]
  • Rep. C.A. Dutch Ruppersberger [D, MD-2]
  • Rep. Timothy Ryan [D, OH-17]
  • Rep. John Salazar [D, CO-3]
  • Rep. Loretta Sanchez [D, CA-47]
  • Rep. John Sarbanes [D, MD-3]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. Adam Schiff [D, CA-29]
  • Rep. Allyson Schwartz [D, PA-13]
  • Rep. Joe Sestak [D, PA-7]
  • Rep. Brad Sherman [D, CA-27]
  • Rep. Albio Sires [D, NJ-13]
  • Rep. Louise Slaughter [D, NY-28]
  • Rep. Hilda Solis [D, CA-32]
  • Rep. Bart Stupak [D, MI-1]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. Thomas Tancredo [R, CO-6]
  • Rep. Edolphus Towns [D, NY-10]
  • Rep. Mark Udall [D, CO-2]
  • Rep. Frederick Upton [R, MI-6]
  • Rep. Christopher Van Hollen [D, MD-8]
  • Rep. Timothy Walberg [R, MI-7]
  • Rep. James Walsh [R, NY-25]
  • Rep. Maxine Waters [D, CA-35]
  • Rep. Diane Watson [D, CA-33]
  • Rep. David Weldon [R, FL-15]
  • Rep. Addison Wilson [R, SC-2]
  • Rep. Lynn Woolsey [D, CA-6]
  • Rep. Albert Wynn [D, MD-4]
  • Rep. Donald Young [R, AK-0]
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Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.1537

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 15, 2007

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All Bill Actions

• Mar 15, 2007: Referred to the House Committee on Financial Services.
• Introduced on Mar 15, 2007.

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Related Bills:

• H.R.5519
• S.2957

Related Issue Areas:

• Finance
• Administrative procedure
• Bank capital
• Bank loans
• 19 more
• Bank management
• Bank mergers
• Business
• Credit unions
• Department of the Treasury
• Deposit insurance
• Disasters
• Emergency management
• Executive departments
• Executive reorganization
• Federal Deposit Insurance Corporation
• Federal reserve system
• Investments
• Law
• Leases
• National Credit Union Administration
• Risk
• Savings banks
• Securities

Data from the Congressional Research Service

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Blog Coverage

October 02, 2008 CUNA urges continued insurance parity, and more

Mica reminded in the letter that CUNA has been working for the last six years on behalf the Credit Union Regulatory Improvements Act (CURIA, HR 1537), Title I of which would define a risk-based capital system for credit unions. ...

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Source: Cornerstone CU (...rock solid blog)

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September 03, 2008 Final DNC speaker lineup featured heavy CU hitters

... speaker lineup would have noticed each House member had a common credit union streak: With the exception of House Speaker Nancy Pelosi (D-Calif.), each was a cosponsor of the Credit Union Regulatory Improvements Act (CURIA, HR 1537).

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Source: CU*Secure

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September 01, 2008 Final DNC speaker lineup featured heavy CU hitters

... speaker lineup would have noticed each House member had a common credit union streak: With the exception of House Speaker Nancy Pelosi (D-Calif.), each was a cosponsor of the Credit Union Regulatory Improvements Act (CURIA, HR 1537).

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Source: CUNA News Now Headlines

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