Washington, DC, February 25, 2004 – Congressman Richard Burr (R-5th district) met with North Carolina Credit Union representatives in Washington, DC this week in conjunction with the national CUNA Governmental Affairs Conference. Burr, who will be running this November for the Senate seat currently held by Senator John Edwards, is pictured here with Jack V. Braswell, Jr., (left) President/CEO of Members Credit Union.
During the drop-in breakfast meeting, sponsored by the NC Credit Union League, Mr. Braswell and other credit union representatives discussed the Credit Union Regulatory Improvements Act (CURIA)- HR 3579 with Congressman Burr and other house representatives, asking them to consider co-sponsoring the bill.
Among other provisions, Title III of CURIA would redefine the net worth ratio to bring risk-based assets into the calculation of a well-capitalized credit union, thus improving the safety and soundness of credit unions. Mr. Braswell explains, “A corrective action is vital to the strength of credit unions and the current regulations are far more restrictive than any other capital requirements in the financial industry around the world. We need this bill to pass so that we can better serve our members.” Mr. Braswell and others will continue to urge house representatives to sponsor this measure.