The common-sense regulatory reforms in the Economic Growth, Regulatory Reform and Consumer Protection Act (S. 2155) would be a boon to local economies while continuing important consumer protections, a credit union CEO wrote to a local newspaper this week. R. Scott Woods, president/CEO of South Carolina FCU, North Charleston, S.C. and a CUNA board member, took to the pages of The Post and Courier Monday to tout the benefits of S. 2155.
“Provisions in this bill would ease mortgage lending and free up capital for small businesses, two essential ways to grow an economy,” Woods wrote. “By granting credit unions parity with banks on certain types of real estate loans, $4 billion in capital will become available to small businesses to expand operations, hire additional staff and invest in their communities.
“The regulatory relief this bill provides is a major step forward in moving away from a system that treats credit unions and small banks the same as the biggest banks, and into a more tailored regulatory climate that gives credit unions, the original consumer protectors, ways to more efficiently serve their members,” the letter adds.
Introduced by a bipartisan group of senators and co-sponsored by 23 senators from both parties, S. 2155 was passed by the Senate Banking Committee earlier this month. CUNA strongly supports the bill and has launched a nationwide grassroots support effort for the bill, which is consistent with the goals of CUNA’s Campaign for Common-Sense Regulation.
Among those co-sponsors is Sen. Tim Scott (R-S.C.), who Woods thanks in his letter “his support and leadership in bringing these wins to the Palmetto State and we urge other senators to consider the great opportunity parity will provide.”