The Senate’s bipartisan regulatory relief bill is a welcome piece of legislation that helps credit unions and other Main Street institutions, Montana’s Credit Unions President/CEO Tracie Kenyon wrote in an op-ed published in several Montana newspapers. Kenyon’s op-ed thanks Sen. Jon Tester (D-Mon.), one of the original co-sponsors of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) for his efforts putting together the bipartisan bill.
“This bill makes thoughtful, constructive, common-sense improvements to a well-intentioned law that is currently having the opposite of its intended effect. In an age of hyperbole, blanket statements and overwhelmingly partisan rhetoric, this bill is a welcome, cooperative and nuanced approach to regulatory reform that will bring real, tangible benefits,” Kenyon wrote. “The Senators that support it, including Sen. Tester, deserve our thanks for their hard work to put Main Street first.”
S. 2155 contains several regulatory relief provisions that would help credit unions, including a credit union-specific provision that would grant credit unions parity with banks when making loans for the purchase of one-to-four unit, non-owner occupied residential property loans. Such loans are designated real estate loans for banks, but business loans for credit unions.
“Through modest changes to the Dodd-Frank Act, credit unions and consumers will see barriers removed, barriers that keep more affordable mortgages off the market and small business capital diverted to pay compliance costs,” Kenyon wrote.
The property loan provision, as well as others in the bill, are among the goals of CUNA's bipartisan, pro-consumer Campaign for Common-Sense Regulation.