Congressman Paul E. Kanjorski - 10/20/05 Credit Union Modernization Bill Gains Momentum, Nets 100th Co-Sponsor

10/20/05 Credit Union Modernization Bill Gains Momentum, Nets 100th Co-Sponsor

FOR IMMEDIATE RELEASE Contact: Gretchen Wintermantel
Oct. 20, 2005 202.225.6511

Credit Union Modernization Bill Gains Momentum, Nets 100th Co-Sponsor
CURIA will allow credit unions to better serve their 86 million members

WASHINGTON, DC - Signaling strong and growing bipartisan interest, Congressmen Ed Royce (R-CA) and Paul E. Kanjorski (D-PA) announced today that Congressman Curt Weldon (R-PA) is the 100th cosponsor of their bill to help credit unions. Royce and Kanjorski are both senior Members of the House Financial Services Committee. Their bill, the Credit Union Regulatory Improvements Act of 2005 [H.R. 2317], was introduced in May to modernize and improve the quality of service provided by our nation's credit unions.

"I am pleased that CURIA has attracted broad-based, bipartisan support in the House. In today's dynamic marketplace, credit unions must have a more modern and flexible regulatory structure. I look forward to joining with the many supporters of this legislation as we work towards that goal," said Congressman Royce.

Congressman Kanjorski added, "H.R. 2317 is the first major piece of credit union legislation to be introduced since the passage of the historic Credit Union Membership Access Act of 1998. Looking back on that successful effort, it took us just under five months to get our first 100 cosponsors. With the Credit Union Regulatory Improvements Act, it has taken us just over five months to get our first 100 cosponsors. If history is any guide, we are on track, once again, to move a credit union bill through the legislative process and help the 86 million Americans belonging to credit unions."

"Because this legislation will positively impact the role that credit unions play in contributing to our nation's economic growth, I decided to cosponsor CURIA," said Congressman Weldon. "The enactment of CURIA would also greatly help underserved communities."

CURIA, the acronym that the bill is more commonly referred to, combines a series of regulatory enhancements, which will allow credit unions to operate more effectively and efficiently. Specifically, CURIA modernizes credit union net worth standards; advances credit union efforts to assist small businesses and promote economic growth; and modifies credit union regulatory standards by eliminating unnecessary, burdensome and outdated regulations. The bill will also make other much-needed reforms to credit union oversight and governance.

Credit union organizations expressed great satisfaction in the initial efforts to move CURIA in the 109th Congress and build momentum for moving the bill forward.

"Reaching 100 cosponsors is a significant milestone, indicative of CURIA's broad appeal and a recognition by legislators that, by passing CURIA, the 21st century consumer will get the 21st century credit union that they deserve. Since its re-introduction earlier this year, CURIA has been steadily gathering support and has easily surpassed last year's benchmark of 69 co-sponsors. CUNA commends Rep. Weldon for becoming CURIA's 100th cosponsor, and for taking this forward-looking step on behalf of America's consumers," said Dan Mica, President and CEO of the Credit Union National Association.

"We are pleased to see growing bipartisan support for CURIA. This much-needed legislation would reform the current capital system for credit unions, providing for a risk-based approach to capital and would give credit unions the opportunity to help more small business owners by raising the arbitrary member business lending cap. The addition of the 100th co-sponsor has brought us closer to enactment," said Fred Becker, President and CEO of the National Association of Federal Credit Unions.

In addition to Royce, Kanjorski and Weldon, a complete list of the supporters of CURIA is attached at the end of this release.

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The 100 Cosponsors of CURIA

Congressman Ed Royce (R-CA), along with Congressman Paul E. Kanjorski (D-PA), introduced H.R. 2317, the Credit Union Regulatory Improvements Act of 2005, on May 12, 2005. The bill gained its 100th cosponsor on October 20, 2005. The complete list of current cosponsors follows.

1. Rodney Alexander
2. Thomas H. Allen
3. Robert E. Andrews
4. Joe Baca
5. Tammy Baldwin
6. Roscoe G. Bartlett
7. Shelley Berkley
8. Sanford D. Bishop
9. Timothy H. Bishop
10. Sherwood Boehlert
11. Mary Bono
12. Kevin Brady
13. Corrine Brown
14. Henry E. Brown, Jr.
15. Dan Burton
16. Ken Calvert
17. Dave Camp
18. Chris Cannon
19. Ed Case
20. Steve Chabot
21. Wm. Lacy Clay
22. Randy (Duke) Cunningham
23. Danny K. Davis
24. Susan Davis
25. Rose L. DeLauro
26. Norman D. Dicks
27. Lane Evans
28. Sam Farr
29. Bob Filner
30. Wayne T. Gilchrest
31. Raul M. Grijalva
32. Luis V. Gutierrez
33. Jane Harman
34. Alcee L. Hastings
35. Stephanie Herseth
36. Brian Higgins
37. Maurice D. Hinchey
38. Peter Hoekstra
39. Tim Holden
40. Michael M. Honda
41. Darrell E. Issa
42. Jesse L. Jackson, Jr.
43. Sheila Jackson-Lee
44. Paul E. Kanjorski
45. Marcy Kaptur
46. Ric Keller
47. Dale E. Kildee
48. Peter T. King
49. John R. "Randy" Kuhl
50. John B. Larson
51. Steve C. LaTourette
52. Barbara Lee
53. John Lewis
54. Carolyn B. Maloney
55. Kenny Marchant
56. John M. McHugh
57. Kendrick B. Meek
58. Gregory W. Meeks
59. Michael Michaud
60. Juanita Millender-McDonald
61. George Miller
62. Jeff Miller
63. Grace Napolitano
64. Richard E. Neal
65. Anne M. Northup
66. C. L. (Butch) Otter
67. Frank Pallone, Jr.
68. Ron Paul
69. Donald M. Payne
70. Jon C. Porter
71. George Radanovich
72. Rick Renzi
73. Silvestre Reyes
74. Dana Rohrabacher
75. Steven R. Rothman
76. C. A. Dutch Ruppersberger
77. Tim Ryan
78. John T. Salazar
79. Loretta Sanchez
80. Bernard Sanders
81. Adam B. Schiff
82. Brad Sherman
83. Rob Simmons
84. Louise McIntosh Slaughter
85. Michael E. Sodrel
86. Bart Stupak
87. John E. Sweeney
88. Thomas G. Tancredo
89. Edolphus Towns
90. Mark Udall
91. Fred Upton
92. James T. Walsh
93. Maxine Waters
94. Diane E. Watson
95. Curt Weldon
96. Dave Weldon
97. Joe Wilson
98. Lynn C. Woolsey
99. Albert Russell Wynn
100. Don Young

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