FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (May 23, 2018) – Following the vote in the House to pass S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, Credit Union National Association sent this letter to House Financial Services Chairman Jeb. Hensarling (R-TX) and Ranking Member Maxine Waters (D-C.A.). CUNA President/CEO Jim Nussle expressed gratitude to the Senate and the House for passing S. 2155 while also addressing future concerns of regulatory relief for credit unions. The letter outlines several areas in need of reform to further ensure that consumers and small businesses who rely on credit unions for access to credit can continue to receive safe and affordable services.
“Although S. 2155 made amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act, it was a Dodd-Frank Reform bill and it did not address the fundamental issues related to the structure of the Bureau of Consumer Financial Protection,” the letter reads. “We renew our call on Congress to replace the bureau director with a multi-member, bipartisan commission.”
Risk-based capital is also highlighted as a growing concern to address redundancies in the Bank Secrecy Act/Anti-Money Laundering statutory framework and the need for a legislative solution to weakness in cybersecurity law.
The letter further encourages Congress to enact following bipartisan regulatory relief bills:
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.