CUNA and leaders of the 38 credit union leagues representing all 50 states and the District of Columbia wrote to Senate leadership Tuesday to urge floor consideration of the Senate’s bipartisan regulatory relief bill. CUNA strongly supports the Economic Growth, Regulation Relief and Consumer Protection Act (S. 2155), which was introduced by a bipartisan group of legislators in November and passed the Senate Banking Committee in December.
“In such a charged political environment, we understand just how challenging it can be to tune out the noise and focus on bipartisan solutions that can help our economy grow and extend opportunities for American families,” reads the letter, sent to Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Chuck Schumer (D-N.Y.). “That is why it is so important to seize the opportunity before us, and help bipartisan regulatory reform legislation successfully move through an otherwise broadly divided Senate.”
The bill “represents a significant breakthrough in bipartisan negotiations, and contains many provisions that would improve the operating environment for credit unions and allow them more effectively to help their members realize their financial goals.”
S. 2155 contains a credit union-specific provision to 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.
Other provisions would also offer regulatory relief through changes to mortgage servicing and lending rules, help protect credit union employees who report suspected elder financial abuse and require the Treasury to study cyber risks.