The signing of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) represented the culmination of a years-long advocacy process, CUNA President/CEO wrote in CU Journal in the wake of the bill’s passage. In the op-ed, Nussle explained how bipartisan advocacy efforts resulted in the historic win for credit unions and their 110 million members.
“This process began after the 2016 election, when … we launched the Campaign for Common-Sense Regulation, taking a 360-degree approach to getting past the biggest regulatory hurdles facing credit unions,” Nussle wrote. “The name was carefully chosen, as we wanted to make it very clear: Credit unions are not against regulation. Rather, they stand against one-size-fits-all regulations that treat member-owned financial cooperatives the same as the biggest banks on Wall Street.
“S. 2155 is a perfect example of that sort of common-sense regulation. Carefully crafted by leaders from both parties, the bill does nothing to remove important consumer protections put in place after the financial crisis,” Nussle added. Rather, its provisions take aim at some of the Dodd-Frank provisions that were getting in the way of consumer access to safe and affordable products and services”
Nussle highlighted how CUNA and leagues conducted thousands of meetings with lawmakers, testified before Congress and sent dozens of letters, all outlining the need for common-sense regulations.
When the bill was released and being considered, Nussle said the cooperative work of CUNA, state leagues, credit unions and members helped amplify the credit union voice to push back on those against the bill
“The credit union system is a cooperative one, and the path of S. 2155 shows us exactly what can be accomplished when we take advantage of this to the fullest extent possible,” Nussle wrote. “From the earliest talks about regulatory relief, to President Trump’s pen hitting the paper, credit unions were there every step of the way, showing with words and actions exactly how consumers would benefit from increased access to safe, affordable mortgages and business loans.”