WASHINGTON (7/31/14)--U.S. Sens. Angus King (I-Maine), Deb Fischer (R-Neb.), Mark Warner (D-Va.), and Jon Tester (D-Mont.) unveiled new legislation Wednesday intended to provide immediate regulatory relief for America's credit unions and community banks.
Calling these smaller financial institutions the "bedrock of small towns across America," King said they--and the services they provide--are being "hammered by a tidal wave of poorly-tailored regulations."
"We owe it to these institutions--and the millions of Americans who depend on them--to provide some measure of relief. America will be the better for it when we do," said the senator from Maine.
The bill, introduced yesterday and entitled the RELIEVE Act, would:
Noting that regulatory relief for credit unions is one of its top advocacy priorities, the Credit Union National Association commended the senators for their clear grasp of the need to ease the burden of rules that hamper credit unions' ability to serve their members.
CUNA Vice President of Legislative Affairs Sam Whitfield said CUNA looks forward to working with each of the senators, as well as other members of the Senate, to see this bill move forward to enactment.