Credit Union Regulatory Improvements Act of 2005 (CURIA)

Publication Date: July 2005

Publisher: Library of Congress. Congressional Research Service

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Research Area: Banking and finance

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Abstract:

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 last 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 have reduced existing regulatory requirements on all depository financial institutions was considered in the last two Congresses and similar legislation is expected to be introduced in the 109th Congress. Credit union representatives advocate either incorporating the provisions of CURIA into broader legislation or the separate passage of H.R. 2317. This report provides background on the legislation and congressional interest in regulatory relief, and will be updated as developments warrant.