H.R. 6312 Contains the Most Significant Credit Union Legislative Reforms in a Decade

WASHINGTON - Today, Congressman Paul E. Kanjorski's (D-PA), H.R. 6312, the Credit Union, Bank, and Thrift Regulatory Relief Act of 2008, passed in the House by a unanimous voice vote.  Congressman Kanjorski, Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, introduced this legislation with Congressmen Dennis Moore (D-KS) and Edward Royce (R-CA) last week.  Their legislation enables credit unions, banks, and thrifts to better serve their members and consumers, assist businesses, ease paperwork burdens, and promote economic development in underserved areas. 

Speaking on the House floor today, Chairman Kanjorski stated the following:

"This bill will help credit unions to provide better services and to promote economic growth in underserved areas.  Moreover, H.R. 6312 is, without question, the most significant piece of credit union legislation considered in the House in nearly a decade."

The legislation approved by the House includes a number of elements from the Credit Union Regulatory Improvements Act (CURIA) that Chairman Kanjorski and Congressman Royce introduced last year, as well as some new reforms.  Significantly, the legislation would allow credit unions of all types to promote economic development and provide a stable source of funds for businesses and individuals in underserved areas.  The bill would also permit financial institutions to pay interest on business checking accounts to help small businesses grow.  Congressman Kanjorski has continuously advocated for all of these provisions, as well as many others in the House-approved bill.

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Editor's Note:  Click on the following links to view a copy of Congressman Kanjorski's statement from the House floor on H.R. 6312 and a section-by-section of H.R. 6312.