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Yesterday evening, the Senate Banking Committee voted 16-7 to pass the CUNA-backed, bipartisan S. 2155 Economic Growth, Regulatory Relief and Consumer Protection Act. CUNA strongly supports the bill, which contains several regulatory relief provisions for credit unions.
“Advancing this bill through committee is a strong first step, but credit unions must remain engaged and keep up the momentum to get this bill to the finish line,” said CUNA President/CEO Jim Nussle. “We saw at the markup that the regulatory relief measures in this bill have strong bipartisan support, and CUNA will continue its advocacy push to help move this bill forward."
CUNA has been actively engaged with the Committee on their road to common sense regulatory reforms. In the middle of November, CUNA sent a letter of support for S. 2155 after the Committee released the legislative text where credit unions saw meaningful regulatory relief and the inclusion of a provision that would grant credit unions parity with banks by classifying residential loans on one-to-four non-owner occupied units as real estate loans. Over the summer, CUNA also had a witness before the Committee on how regulatory burdens hinder economic growth. In April, CUNA and the state Leagues sent a letter to Chairman Crapo and Ranking Member Brown outlining the ways in which they could bolster the
economy by appropriately regulating credit unions.
During the markup, many members of the committee specifically noted the bill’s tailored approach to credit unions and other community financial institutions.
As mentioned above, a credit union-specific provision in S. 2155 would exempt one-to-four unit, non-owner occupied residential loans from a credit union’s member business lending cap, freeing up to as much as $4 billion in additional capital credit unions could lend.
Other provisions would also offer regulatory relief through changes to mortgage servicing and lending rules, help protect credit union employees who report suspected elder financial abuse and require the Treasury to study cyber risks. These provisions are consistent with the goals of CUNA's bipartisan, pro-consumer Campaign for Common-Sense Regulation.
On behalf of America’s credit unions and their 110 million members, CUNA thanks Senator Crapo and his colleagues for working across party lines to advance regulatory relief legislation. CUNA will continue to work closely with the Committee as this legislation is brought before the entire Senate.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
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