By a vote of 92-6, the Senate has passed a credit union reform bill that allows CUs to continue to expand their membership with some limitations.Senate sponsors are hoping the House will accept their version of the bill so that it can be sent to the president for his signature next week. The CU bill represents a total defeat for the banking and thrift lobbies, which wanted to impose corporate taxes on CUs and restrict their customer base. The Senate even rejected, 59-39, an amendment by Sen. Richard Shelby, R, Ala., to exempt small banks from the Community Reinvestment Act. President Clinton had threatened to veto the bill if it had the CRA amendment.
Processing Content
