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1 1 (March 9, 2007)

handle is hein.crs/crsaiyx0001 and id is 1 raw text is: Order Code RS22212 Updated March 9, 2007 Credit Union Regulatory Improvements Act of 2005 (CURIA) Pauline Smale Economic Analyst Government and Finance Division Summary On May 12, 2005, regulatory modernization legislation for credit unions was introduced as H.R. 2317. The three titles of the Credit Union Regulatory Improvements Act (CURIA) would provide regulatory changes requested by credit union industry advocates. These changes would provide supervisory flexibility to the National Credit Union Administration (NCUA), the federal regulator for the credit union industry, enhance the ability of credit unions to provide loans to their members, and ease credit union regulatory burdens. For the past several years, credit union representatives have asked Congress to increase their ability to serve their members by addressing the growing costs of regulatory compliance and by providing additional flexibility through regulatory reform measures. Omnibus legislation that would reduce existing regulatory requirements on all depository financial institutions was enacted on October 13, 2006. P.L. 109-351 contained four of the credit union specific relief provisions addressed in CURIA. The law does not address two major issues covered by H.R. 2317, prompt corrective action and member business loan restrictions. Credit union representatives remain committed to the passage of all of the provisions of H.R. 2317. This report provides background on the legislation and congressional interest in regulatory relief. This report will not be updated. Background The Credit Union Regulatory Improvements Act (CURIA) provides regulatory relief and reform for credit unions. The intent of this legislation is to modernize the prompt corrective action system for credit unions, make adjustments to their loan authority, and ease credit union regulatory burdens. H.R. 2317 was introduced on May 12, 2005; no further action has been taken on this bill. CURIA contains three titles. Title I provides the National Credit Union Administration (NCUA) more flexibility in operating the statutorily mandated prompt corrective action (PCA) system used to resolve problems in federally insured credit unions. The proposal would permit the NCUA to implement a more risk-based approach. Title II amends the current restrictions on member business

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