In a free market economy such as ours, it is important that consumers have as many choices as possible. When community banks and credit unions coexist and compete, consumers win. However, we must make sure that there is a level playing field that does not favor one institution at the expense of the other.

The Credit Union Regulatory Relief Act was approved by the House Financial Services Committee but was pulled before being voted on by the full House by the majority leadership. It is not likely that this legislation will be brought up again.  Aside from the emergency supplemental funding bill, very few bills are expected to be debated and voted on for the remainder of the 110th Congress. 

This debate will continue and it is likely that this bill will be reintroduced next year. Credit unions and community banks both offer their own distinct advantages to their customers and I will continue to support both.