CUNA issued an action alert to its members Thursday urging them to contact their members to push for Senate support for the bipartisan regulatory relief bill introduced earlier this month. The Senate Banking Committee is expected to mark up the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Tuesday, and Nussle urged stakeholders to continue the advocacy push to advance the bill, which would accomplish several goals CUNA has been working for since launching its Campaign for Common-Sense Regulation earlier this year.
“We've seen a great outpouring of support for the legislation while urging additional Senators to sign on to this common-sense regulatory relief bill…. just as we needed your support to get here, we need it even more to make sure the voices of 110 million credit union members are heard,” Nussle wrote.
The bill contains a credit union-specific regulatory relief provision that would exempt one-to-four unit, non-owner occupied residential loans from a credit union’s member business lending cap, freeing up to as much as $4 billion in additional capital credit unions could lend.
Other provision 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.
“Credit unions know how much mortgage lending relief and additional capital to small businesses will mean to their members and communities, now we need to make sure any Senators wavering on supporting the bill know it too,” Nussle wrote. “Reach out to your members, ask them to write or call their legislators and demand they support a bipartisan bill that finally puts Main Street ahead of Wall Street.”
Credit union stakeholders can use CUNA’s Grassroots Action Center to contact their Senator, and credit unions can sign up for CUNA’s Member Activation Program and go out to their members, urging them to contact their Senators to back the bill.