Removing Barriers Blog

S. 2155 Has Been Signed into Law!
Posted May 24, 2018 by Chandler Schuette

Earlier this afternoon, President Trump signed S. 2155 - the Economic Growth, Regulatory Relief and Consumer Protection Act into law - enacting a major piece of CUNA-supported bipartisan regulatory relief legislation.

The CUNA-League system was heavily engaged with both the Senate and House throughout the entire process.  More than 5,000 credit union advocates discussed the importance of the bill during CUNA’s Governmental Affairs Conference in February.  Also during CUNA’s GAC, CUNA’s President/CEO Jim Nussle and several credit unions met with President Trump to discuss the legislation.

“President Trump’s signature on S. 2155 brings a successful end to one of the most comprehensive, historic advocacy efforts the credit union system has seen in quite some time. From the moment the text of the bill was released by a group of bipartisan Senators, credit unions made their voices heard wherever possible, resulting in significant regulatory relief for credit unions and 110 million Americans,” said CUNA President/CEO Jim Nussle. “This could not have been accomplished without fierce advocacy directly to members of Congress, in addition to social media posts, letters to the editor, the e-mails, the op-eds, all of which showed the majority of Congress that the time of one-size-fits-all regulations is over, and that American consumers need access to safe mortgages and other financial services products.”

After the House passed the bipartisan regulatory relief bill, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act late Tuesday afternoon CUNA took the opportunity to write to the House Financial Services Chairman and Ranking Member to highlight areas where credit unions need additional regulatory relief.

On behalf of America’s credit unions and their 110 million members, CUNA looks forward to working with leadership on both sides of the Capitol to ensure common sense regulations are signed into law.