Credit Union Modernization Bill Gains Momentum, Nets 100^th Cosponsor
CURIA will allow credit unions to better serve their 89 million members

WASHINGTON - Congressmen Paul E. Kanjorski (D-PA) and Ed Royce (R-CA), two of the most senior Members of the House Financial Services Committee, today announced that Congresswoman Jane Harman (D-CA) is the 100^th cosponsor of their bill to help credit unions. Their bill, the Credit Union Improvements Act of 2007 (H.R. 1537) was introduced in March to modernize and improve the quality of service provided by our nation's credit unions.

H.R. 1537 updates the historic Credit Union Membership Act of 1998 and took just under three months to net 100 cosponsors.

"The new version of CURIA updates our current law to allow all types of credit unions to expand their fields of membership. The new bill would allow all credit unions to operate in such places that enable them to assist in community revitalization and economic renewal efforts," said Congressman Kanjorski. "Reaching the 100^th cosponsor is a milestone, and I look forward to working with my colleagues to quickly pass this bill that has already garnered great bipartisan support."

"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," Congressman Royce.

Often referred to by its acronym of CURIA, the new bill combines a series of regulatory enhancements that will allow credit unions to operate more effectively and efficiently. Specifically, CURIA modernizes credit union net worth standards; advances credit union efforts to promote economic growth; and modifies credit union regulatory standards by eliminating unnecessary, burdensome and outdated regulations, as well as making other needed reforms to credit union oversight and governance.

CURIA improves upon similar bipartisan legislation introduced in the 109^th Congress in the area of credit union capital standards. In order to make these standards comparable to those now in place for FDIC-insured financial institutions, the new CURIA implements a risk-based capital system for credit unions. The bill's provisions establish risk-based capital requirements and revise the minimum capital standards for credit unions.

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.

"During the 109^th Congress, we reached the 100 co-sponsor mark for CURIA legislation in a little more than five months. In this, the 110^th Congress, we have reached the same century mark in a little less than three months. Clearly, Members of Congress are acknowledging that the credit unions legislation is a measure that is worth their support - and vital to their consumer constituents. We are grateful for the leadership of Mr. Kanjorski and Mr. Royce in working to provide credit unions with greater flexibility to serve their members and confident that support for the legislation will continue to grow in this Congress. Last, but not least, appreciation to Rep. Jane Harman for signing on as cosponsor #100 and helping us reach this milestone," said Dan Mica, President and CEO of the Credit Union National Association.    

"We are pleased to see continued and growing bipartisan support for CURIA.  This much-needed legislation would allow credit unions to do more to help underserved communities, 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 speed at which we were able to reach 100 cosponsors is another indication of the seriousness this Congress has given to these issues.  We look forward to a hearing and mark-up of this needed legislation," said Fred Becker, President and CEO of the National Association of Federal Credit Unions.

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The 100 Cosponsors of CURIA

Congressman Paul E. Kanjorski (D-PA), along with Congressman Ed Royce (R-CA) introduced H.R. 1537, the Credit Union Regulatory Improvements Act of 2007, on March 15, 2007. The bill gained its 100^th cosponsor less than three months later on June 13, 2007.  The complete list of current cosponsors follows:

• 1) Rep. Thomas H. Allen
• 2) Rep. Jason Altmire
• 3) Rep. Joe Baca
• 4) Rep. Tammy Baldwin
• 5) Rep. Roscoe G. Bartlett
• 6) Rep. Howard L. Berman
• 7) Rep. Brian P. Bilbray
• 8) Rep. Sanford D. Bishop Jr.
• 9) Rep. Timothy H. Bishop
• 10) Rep. Robert A. Brady
• 11) Rep. Corrine Brown
• 12) Rep. Henry E. Brown Jr.
• 13) Rep. Dan Burton
• 14) Rep. Ken Calvert
• 15) Rep. Russ Carnahan
• 16) Rep. Christopher P. Carney
• 17) Rep. Steve Chabot
• 18) Rep. John Conyers Jr.
• 19) Rep. Susan A. Davis
• 20) Rep. Rosa L. DeLauro
• 21) Rep. Anna G. Eshoo
• 22) Rep. Sam Farr
• 23) Rep. Bob Filner
• 24) Rep. Wayne Gilchrest
• 25) Rep. Raul M. Grijalva
• 26) Rep. Luis V. Gutierrez
• 27) Rep. Phil Hare
• 28) Rep. Jane Harman
• 29) Rep. Alcee L. Hastings
• 30) Rep. Wally Herger
• 31) Rep. Stephanie Herseth Sandlin
• 32) Rep. Brian Higgins
• 33) Rep. Maurice D. Hinchey
• 34) Rep. Peter Hoekstra
• 35) Rep. Tim Holden
• 36) Rep. Michael M. Honda
• 37) Rep. Duncan Hunter
• 38) Rep. Darrell E. Issa
• 39) Rep. Jesse L. Jackson Jr.
• 40) Rep. Eddie Bernice Johnson
• 41) Rep. Stephanie Tubbs Jones
• 42) Rep. Steve Kagen, M.D.
• 43) Rep. Marcy Kaptur
• 44) Rep. Ric Keller
• 45) Rep. Dale E. Kildee
• 46) Rep. Carolyn C. Kilpatrick
• 47) Rep. Dennis J. Kucinich
• 48) Rep. John R. "Randy" Kuhl Jr.
• 49) Rep. Tom Lantos
• 50) Rep. Steven C. LaTourette
• 51) Rep. Barbara Lee
• 52) Rep. John Lewis
• 53) Rep. Daniel Lipinski
• 54) Rep. Frank A. LoBiondo
• 55) Rep. Zoe Lofgren
• 56) Rep. Nita M. Lowey
• 57) Rep. Carolyn B. Maloney
• 58) Rep. Thaddeus G. McCotter
• 59) Rep. John M. McHugh
• 60) Rep. Kendrick B. Meek
• 61) Rep. Gregory W. Meeks
• 62) Rep. Michael H. Michaud
• 63) Rep. George Miller
• 64) Rep. Jeff Miller
• 65) Rep. Grace F. Napolitano
• 66) Rep. Eleanor Holmes Norton
• 67) Rep. Solomon P. Ortiz
• 68) Rep. Frank Pallone Jr.
• 69) Rep. Ron Paul
• 70) Rep. Donald M. Payne
• 71) Rep. Ted Poe
• 72) Rep. Jon C. Porter
• 73) Rep. George Radanovich
• 74) Rep. Silvestre Reyes
• 75) Rep. Dana Rohrabacher
• 76) Rep. Peter J. Roskam
• 77) Rep. Steven R. Rothman
• 78) Rep. Edward R. Royce
• 79) Rep. C.A. Dutch Ruppersberger
• 80) Rep. Tim Ryan
• 81) Rep. John T. Salazar
• 82) Rep. Loretta Sanchez
• 83) Rep. John P. Sarbanes
• 84) Rep. Janice D. Schakowsky
• 85) Rep. Adam B. Schiff
• 86) Rep. Brad Sherman
• 87) Rep. Albio Sires
• 88) Rep. Louise McIntosh Slaughter
• 89) Rep. Hilda L. Solis
• 90) Rep. Bart Stupak
• 91) Rep. Thomas G. Tancredo
• 92) Rep. Mark Udall
• 93) Rep. Fred Upton
• 94) Rep. Timothy Walberg
• 95) Rep. James T. Walsh
• 96) Rep. Diane E. Watson
• 97) Rep. Dave Weldon
• 98) Rep. Lynn C. Woolsey
• 99) Rep. Albert Russell Wynn
• 100) Rep. Don Young