CUNA is continuing its advocacy push and nationwide grassroots support of the bipartisan Senate regulatory relief bill leading up to the Senate Banking Committee’s markup of the bill, scheduled to begin Tuesday. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) was introduced earlier this month by a bipartisan group of Senators, and contains a number of regulatory relief provisions that would help credit unions more effectively serve their members.
“During the Thanksgiving break we did have a ‘thank you’ campaign we put together with our league partners in the states with the sponsor and co-sponsors,” said Richard Gose, CUNA’s chief political officer. “We will continue to push, continue our fight, and hopefully we’ll continue to see members of the Senate reach across the aisle in support of this bill.”
The Senate Banking Committee markup is scheduled for Tuesday, starting at 10 a.m. (ET).
Passage of the bill would achieve several goals of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation, launched earlier this year.
A credit union-specific provision in S. 2155 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, meaning they count against the statutory member business lending cap for credit unions.
S. 2155 would classify such credit union loans as real estate loans, freeing up credit unions to lend to more small businesses, which CUNA believes would make up to $4 billion in additional capital available.
Other provisions CUNA supports would: