The Pennsylvania Credit Union Association joined with the Pennsylvania Bankers Association and the Pennsylvania Association of Community Bankers to urge the state’s members of congress to support the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).
“S. 2155 is bipartisan, commonsense regulatory reform legislation that will allow financial institutions to better serve their customers, members, and communities,” the letters read. “This targeted legislation is vital to small businesses, job creation, and economic growth. It includes forty-two provisions previously passed by the U.S. House of Representatives, including 15 provisions from the Financial CHOICE Act of 2017.”
The organizations list the various regulatory relief provision in the bill, including those that would ease burdens on credit union mortgage lending and provide credit unions with parity with banks on certain types of real estate loans.
“Today’s regulatory environment has contributed towards the consolidation of the financial services industry, as compliance is costly and burdensome. The reforms found in S. 2155 will help our members focus on consumers and businesses. Improving today’s regulatory environment for our members will help revitalize lending and investment in local economies throughout the Commonwealth.
Speaker of the House Paul Ryan (R-Wis.) indicated Tuesday that the House would take up the bill.
Credit union leagues in Wisconsin, Georgia, Washington, Oregon, Idaho, Michigan, Indiana, Connecticut, Maine, Vermont, New Hampshire, Delaware and Massachusetts have also joined with their state banking organizations to urge their members of Congress to support S. 2155.