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Removing Barriers Blog

CUNA Letter Urges US Senate to Pass Bipartisan Regulatory Relief
Posted September 09, 2015 by CUNA Advocacy

With the start of the latest session of Congress, CUNA and other financial services trade associations wrote a letter to the chair and ranking member of the Senate Banking Committee, expressing strong support for promptly enacting comprehensive, bipartisan financial regulatory relief. 

The letter re-iterated that the growing volume and complexity of regulations is harming the ability of credit unions to best serve the needs of their members and to generate local economic activity and jobs. While credit unions have shown a great deal of resiliency in this growing regulatory environment, and have continued to help consumers purchase homes and meet other financial needs, many have reached the point where meaningful relief is critical.

Here at CUNA we have continually heard senators on both sides of the aisle express support for helping credit unions. While no single piece of legislation is perfect, measures, such as S. 1484, the Financial Regulatory Improvement Act of 2015, are a step in the right direction. This bill addresses statutory and regulatory obstacles that prevent credit unions from fully serving the diverse financial services needs of their members. This bill was approved in the Senate Banking Committee back in May, and has sparked the necessary conversation around meaningful regulatory relief focused on providing safe and affordable financial products that help homebuyers, create jobs and grow communities.

With limited time remaining in this Congressional session, we will continue to push lawmakers to pass a legislative product that is bipartisan, and provides meaningful relief for credit unions and their members throughout the country. You can read our letter here.