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Congressman Brad Sherman

Representing the 30th District of CALIFORNIA



Dec 8, 2003
Press Release
[Washington, D.C.] “ Congressman Brad Sherman (D-CA), a member of the House Financial Services Committee, announced today his sponsorship of H.R. 3579, the Credit Union Regulatory Improvements Act of 2003.

The Credit Union Regulatory Improvements Act of 2003 would provide greater regulatory flexibility for credit unions, make changes in federal law with respect to credit union member business lending and modernize credit union capital requirements by including risk assets in net worth ratios.

"This legislation, H.R. 3579, is a starting point from which we can relieve regulatory burdens on credit unions and provide more flexibility for these financial institutions to operate efficiently," Sherman said. "I am pleased to join my colleagues, Congressman Ed Royce and Congressman Paul Kanjorski, as a cosponsor of this important legislation and I look forward to working with them next year on securing hearings and consideration of the bill before the House Financial Services Committee."

Sherman also announced his intention to introduce legislation to allow credit unions to include supplemental capital in the net worth ratios, saying "Credit Unions need more capital building tools. The legislation that I will introduce next year recognizes that there is still a debate over the best way to provide them with these tools -- through risk assets or supplemental capital."