Passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is a win for Main Street and consumers who depend on it, Maine Credit Union League President/CEO Todd Mason wrote in the Bangor Daily News last week.
Mason thanked Rep. Bruce Poliquin (R-Maine) for his support of S. 2155 during House consideration of the bill, particularly for his in-district meeting with credit unions to hear stories about the need for regulatory relief.
“Although some groups have mischaracterized the bill as boon to big banks, the reality is that it helps Main Street far more than it helps Wall Street. Credit unions are Main Street. We are community-based, local not-for-profit financial cooperatives,” Mason wrote. “We reinvest our earnings back in our members. In fact, there are nearly 700,000 credit union members in Maine and our credit unions work every day to improve their financial lives.”
He goes on to says that S. 2155 will improve credit unions’ abilities to do even more for its members, specifically citing the provision that will offer some protections for financial services employees reporting suspected elder financial abuse as an example. That provision came from legislation co-sponsored by Sen. Angus King (I-Maine) and supported by Sen. Susan Collins (R-Maine), as well as by Poliquin in the House.
“When Dodd-Frank was passed it cast a one-size-fits all net, which credit unions were inadvertently caught in despite being clearly different and not part of the problem,” he wrote. “Credit unions should not have been caught in that net, and S. 2155 helps.”