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1 (May 16, 2007)

handle is hein.crs/crsuntaajjm0001 and id is 1 raw text is: Order Code RS22661 May 16, 2007 SCRS Report for Congress Credit Union Regulatory Improvements Act of 2007 (CURIA) Pauline Smale Economic Analyst Government and Finance Division Summary On March 15, 2007, regulatory modernization legislation for credit unions was introduced as H.R. 1537 in the 110 th Congress. The Credit Union Regulatory Improvements Act of 2007 (CURIA) would modernize capital requirements, raise the cap on member business lending, enhance the ability of credit unions to serve financially underserved areas, and provide regulatory relief. This legislation is an amended version of CURIA 2005.1 For the past three Congresses, credit union representatives have advocated for legislation that would address what they maintain are outdated restrictions and the growing costs of regulatory compliance and thereby increase the ability of credit unions to grow and serve their membership. The banking industry has been opposed, in general, to any legislation that would increase the powers of credit unions. In prior Congresses, some provisions of credit union specific legislation were incorporated into omnibus legislation that would reduce regulatory requirements on all depository financial institutions. Credit union representatives have remained committed to the passage of a complete package of provisions most recently introduced as H.R. 1537. This report will be updated as events and legislative events warrant. Background The original concept of a credit union was of a cooperative organization formed for the purpose of promoting thrift among its members and providing them with a source of low-cost credit. During the last couple of decades, technology, competition, and economic conditions have brought many changes to the financial services marketplace that have affected all types of depository financial institutions. The credit union industry has evolved with marketplace changes in order to grow and serve its membership. Currently, many of the financial services credit unions provide are similar to those offered 1 For information on the 2005 legislation please see CRS Report RS22212, Credit Union Regulatory Improvements Act of 2005 (CURIA), by Pauline Smale. Congressional Research Service The Library of Congress Prepared for Members and Committees of Congress

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