Think tank Third Way published a post Monday in support of the CUNA-backed Senate regulatory relief bill (S. 2155), calling it a bipartisan compromise that could “untap the benefits of more lending in the U.S.” Third Way describes itself as a “strong supporter” of the Dodd-Frank Act, and says while it has done good work in “protecting us from another calamity,” it might have done too much reining in of community financial institutions.
“We need to help community banks and credit unions lend without exposing Americans to financial risk. The question is: How do we strike the right balance between safety and growth?” the post reads. “[S. 2155], which recently passed through the Senate Banking Committee with bipartisan support, is designed to give community banks and credit unions more room to lend--and it does that without ceding an inch to the biggest banks.”
Third Way says S. 2155 has several features that would help correct some of Dodd-Frank’s overreach, including:
“Supporting S. 2155 is the right thing to do to bring serious bipartisan policymaking back to Congress, maintain Dodd-Frank’s position as the law of the land, and untap the benefits of more lending in the U.S. economy,” the post reads.
CUNA has launched a nationwide grassroots support effort, in multiple phases, to support S. 2155.
In addition to the above-mentioned credit union provision, the bill 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.