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 lending 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. 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.


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Sponsor

• Rep. Paul Kanjorski [D, PA-11]
• and 18 Co-Sponsors
  • Rep. Gary Ackerman [D, NY-5]
  • Rep. Jason Altmire [D, PA-4]
  • Rep. Corrine Brown [D, FL-3]
  • Rep. Russ Carnahan [D, MO-3]
  • Rep. André Carson [D, IN-7]
  • Rep. Yvette Clarke [D, NY-11]
  • Tom Feeney
  • Rep. Bob Filner [D, CA-51]
  • 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]
  • James Walsh
  • Rep. Donald Young [R, AK-0]
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Committees

• House Financial Services

Amendments

This bill has no amendments.

Amendments to H.R.5519

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 03, 2008

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All Bill Actions

• Mar 03, 2008: Referred to the House Committee on Financial Services.
• Introduced on Mar 03, 2008.

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Related Bills:

• H.R.1537

Related Issue Areas:

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

Data from the Congressional Research Service

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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 ...

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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 ...

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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 ...

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Source: Centre Daily Times, PA

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Blog Coverage

January 02, 2009 CUNA News Now: Top 20 CU stories for 2008

... 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 H.R. 5519, the Credit Union Regulatory Relief Act (CURRA). ...

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Source: CUNA News Now Headlines

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November 03, 2008 CUNA News Now: CURIA sponsor Kanjorski prevails in reelection bid

He was the original sponsor of the Credit Union Regulatory Improvements Act (CURIA, H.R. 1537), the Credit Union Membership Access Act (H.R. 1151) and the Credit Union, Bank and Thrift Regulatory Relief Act (CUBTRRA, H.R. 5519). ...

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Source: CUNA News Now Headlines

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July 03, 2008 what's on the docket for dc

right now we have three regulatory relief bills in play: curia (hr 1537 & s. 2957), curra (hr 5519), and the omnibus credit union, thrift and bank regulatory relief bill (hr 6312), which certainly confuses things. ...

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Source: Hike the Hill with the League

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