Removing Barriers Blog

S. 2155 Passes House and Now Moves to the President’s Desk!
Posted May 23, 2018 by Chandler Schuette

On Tuesday afternoon, the House voted to pass the bipartisan regulatory relief legislation, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  Having passed the Senate in March, the bill now goes to President Trump for his signature, which is expected in the coming days.

The victory achieved by CUNA, leagues and credit unions with House passage of this important bipartisan regulatory relief legislation was made possible by months of 360-degree advocacy, as the credit union system engaged lawmakers on all levels to express the need for this important 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.

As the bill went through the Senate, CUNA met with House members from both sides to talk about the importance of the bill, including meetings with conservative-leaning Democratic House members and writing to House leadership to push for consideration.

CUNA also engaged in an aggressive grassroots campaign that led to 45 million social media impressions, tens of thousands of messages sent to legislators and radio and digital ads in 39 states.

Once signed into law, S. 2155 will:

  • Establish a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
  • Rescind the additional data points required under the Home Mortgage Disclosure Act for insured credit unions that originate fewer than 500 closed-end and/or 500 open-end lines of credit;
  • Reclassify one-to-four unit, non-owner occupied residential loans as real estate loans, so the loan would not count against the member business lending cap;
  • Clarify that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
  • Remove the three-day wait period required for the combined TRID mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate;
  • Require NCUA to make publicly available a draft of their proposed budget, hold a hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget;
  • Provide a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
  • Require the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.

While CUNA and the leagues were able to reach out to members of Congress over the last few months, it was also vital that credit unions themselves were able to communicate the numerous ways the bill would help them better serve their members.

On behalf of America’s credit unions and their 110 million members, CUNA will continue to advocate for common sense regulation.