Credit Union Regulatory Relief Act of 2008

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

3/3/2008--Introduced.
Credit Union Regulatory Relief Act of 2008 - Amends the Federal Credit Union Act to:
(1) permit a credit union to invest in securities for its own account, subject to certain percentage limitations; and
(2) increase the investment and len more...ding limit in credit union service organizations from 1% to 3% of a credit union's total paid and unimpaired capital and surplus. Excludes credit union loans to nonprofit religious organizations from limitations placed upon member business loans. Redefines member business loan to increase specified extensions of credit.
Authorizes the National Credit Union Administration Board (Board) to establish longer loan maturity dates.
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. Revises requirements for credit union membership in certain underserved areas. Empowers a federal credit union to provide short-term loans as an alternative to payday loans. Authorizes a credit union board of directors to expel a member based on just cause, including disruption of credit union operations (as well as nonparticipation, as under current law). Excludes from the meaning of member business loan subject to certain limitations (thus permitting without such limitations) any extension of credit to a member, meeting specified criteria, whose proceeds are to be used for commercial, corporate, business, farm or agricultural purposes in an underserved area. Amends the Clayton Act to exempt from its premerger 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.

Sponsor

• Rep. Paul Kanjorski [D, PA-11]
• and 15 Co-Sponsors
  • Rep. Gary Ackerman [D, NY-5]
  • Rep. Jason Altmire [D, PA-4]
  • Rep. André Carson [D, IN-7]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. Tom Feeney [R, FL-24]
  • Rep. Raymond Green [D, TX-29]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Daniel Lipinski [D, IL-3]
  • Rep. John McHugh [R, NY-23]
  • Rep. Jeff Miller [R, FL-1]
  • Rep. Ronald Paul [R, TX-14]
  • Rep. Ciro Rodriguez [D, TX-23]
  • Rep. Edward Royce [R, CA-40]
  • Rep. James Walsh [R, NY-25]
  • Rep. Donald Young [R, AK-0]
  close

Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.5519

Number	Status	Purpose

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Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 03, 2008

Related Bills:

• H.R.1537

Related Issue Areas:

• Social services
• Small business
• Securities
• Religion
• 15 more
• Nonprofit organizations
• National Credit Union Administration
• Law
• Investments
• Government paperwork
• Government information
• Executive departments
• Credit unions
• Churches
• Business
• Bank mergers
• Bank loans
• Bank capital
• Administrative procedure
• Finance

In the News

March 06, 2008 NAFCU Calls for Regulatory Relief for Credit Unions

We also recognize that HR 5519, the Credit Union Regulatory Relief Act, is an important non-controversial first step at regulatory relief and should be ...

Source: StreetInsider.com (subscription), MI
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March 06, 2008 NAFCU Calls for Regulatory Relief for Credit Unions

We also recognize that HR 5519, the Credit Union Regulatory Relief Act, is an important non-controversial first step at regulatory relief and should be ...

Source: Business Wire (press release), CA
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March 06, 2008 NAFCU Calls for Regulatory Relief for Credit Unions

We also recognize that HR 5519, the Credit Union Regulatory Relief Act, is an important non-controversial first step at regulatory relief and should be ...

Source: Centre Daily Times, PA
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Blog Coverage

May 02, 2008 Mica outlines next step for CURRA

CUNA met Friday with House Financial Services Committee Chairman Barney Frank (D-Mass.) and his staff to address the next steps for the Credit Union Regulatory Relief Act (CURRA, HR 5519).

Source: CUNA News Now Headlines
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April 29, 2008 Immediate CU grassroots action urged for CURRA

... regulatory relief legislation, the Credit Union National Association (CUNA) and the leagues are urging credit unions to push back banker opposition and help clear the way for HR 5519, the Credit Union Regulatory Relief Act (CURRA).

Source: CU*Secure
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April 29, 2008 Fight's not over for CU relief

CUNA said Tuesday that the fight on Capitol Hill for credit unions and their members will continue, despite banker attempts to derail the Credit Union Regulatory Relief Act (CURRA, HR 5519) this week.

Source: CUNA News Now Headlines
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