[Congressional Record Volume 152, Number 102 (Friday, July 28, 2006)]
[House]
[Page H6023]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                CREDIT UNION REGULATORY IMPROVEMENTS ACT

  (Mr. UDALL of Colorado asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. UDALL of Colorado. Mr. Speaker, we all recognize the importance 
of the financial services industry, including both banks and credit 
unions, to our economy. I support and applaud the steps they have taken 
toward better services and improved products, but I think there is some 
need for some changes.
  That is why I have introduced a bill dealing with credit cards and am 
cosponsoring H.R. 2317, to update the regulation of credit unions. My 
support for credit unions does not reflect hostility to banks because I 
do not think credit unions represent a threat to the continued success 
of banks.
  In 2005, bank profits reached a record level. Banks have a 94 percent 
share of the financial services industry, and the net growth in bank 
assets in 2005 was nearly as much as the combined total assets of all 
credit unions in the country. So I do not think modest changes that are 
in H.R. 2317 represent a real threat to the continued success of the 
banking industry.
  When we return in September, we should have an opportunity to 
consider both H.R. 2317 and my bill, H.R. 5383, the Credit Card 
Accountability, Responsibility, and Disclosure Act.

                          ____________________