CUNA, along with state leagues, has launched a nationwide grassroots effort to support the bipartisan Senate regulatory relief bill introduced last week. The bill, S. 2155, is aligned with the goals of CUNA’s Campaign for Common-Sense Regulation.
“Credit unions across the country are excited about the opportunity to move some positive legislation to help them in this regulatory environment,” said CUNA Chief Political Officer Richard Gose. “Credit unions are weighing in, specifically with the problems they have at their credit unions and how these proposed regulatory reductions will help them better serve their members’ needs.”
Grassroots efforts include radio and digital advertisements highlighting the numerous ways the bill would help credit unions and other community financial institutions better serve their members, while maintaining important consumer protections.
Stakeholders can use CUNA’s Campaign for Common-Sense Regulation website to reach out to their Senators to thank them for supporting, or urge them to sign on as a co-sponsor.
One provision would grant credit unions parity with banks by reclassifying certain real estate loans, allowing credit unions to lend up to $4 billion in capital to member businesses. The bill would also offer regulatory relief through changes to mortgage servicing and lending rules, help protect reporters of suspected senior abuse and require the Treasury to study cyber risks.
“We’re thrilled about this legislation, it is completely in line with our Campaign for Common-Sense Regulation and frankly, when members of Congress come together to put out a bill like this, it realty shows us how Congress ought to work for American people, for consumers and certainly for credit unions,” said CUNA Chief Advocacy Officer Ryan Donovan. “This bill is about credit unions, small banks and their ability to serve American consumers.”
As of Monday afternoon, the bill has 20 co-sponsors, 10 Republicans, nine Democrats and one independent. CUNA wrote to the bill’s original sponsors Monday to thank them for their leadership.