Credit unions in Minnesota and Montana wrote to their local papers this week to stress the importance of Congressional action on the Senate’s bipartisan regulatory relief bill. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is strongly supported by CUNA and passed the Senate Banking Committee in December.
In a letter to the editor appearing in the Duluth News Tribune, Debora Almirall, president/CEO of Minnesota Power Employees CU, Duluth, Minn., urges the state’s senators to support the bill.
“The fact that so many senators worked so hard to cross party lines and introduce this legislation shows how badly this kind of relief is needed for main-street financial institutions such as credit unions,” she wrote. “Everyone has their personal political leanings, but the common-sense regulatory reforms here go well beyond petty political disputes and, if enacted, offer meaningful relief that will benefit consumers as a whole.
“Do you know what's more important than a D or R after someone's name? It's a small business loan that infuses capital and jobs into a community,” she added. “It's also an affordable mortgage that lets a consumer become a homeowner and build equity. This bill would accomplish that and not erode any of badly needed consumer protections.”
In Montana, Montana’s Credit Union President/CEO Tracie Kenyon wrote an op-ed for the Daily Interlake that thanks Sen. Jon Tester (D-Mont.) for being an original co-sponsor of S. 2155.
“As one of the authors of the Economic Growth, Regulatory Relief and Consumer Protection Act, Sen. Tester has put politics aside for the good of his constituents and declared that one-size-fits-all regulations aren’t helping community-based financial institutions and they certainly aren’t helping consumers,” Kenyon wrote. “By standing up for Main Street, he has rejected the rigged economy that sees Wall Street flourishing under a system that is crushing credit unions under regulatory burdens that tie up resources that would otherwise be put toward consumers’ benefit.”
Kenyon wrote similar pieces that appeared in four other Montana papers. Credit unions in Montana, Minnesota, South Carolina and Louisiana have spoken about the importance of the bill in their local newspapers.