CUNA Board Chairman Pat Jury urged credit unions to maintain the momentum and keep the Senate’s bipartisan regulatory relief bill moving forward in an action alert to credit unions. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) was passed by the Senate Banking Committee Tuesday with a 16-7 vote.
“Thanks to your efforts already, a majority of Senators voted to advance this bill. No matter what their political affiliation they listened to you and your members and did the right thing,” Jury wrote. “Getting nearly two dozen Senators from both sides to agree on anything is a huge accomplishment, and it's a testament to the undeniable good work that you do every day that there is bipartisan support helping credit unions do more.
“We wouldn't be here without you. But credit unions and their members need more,” he added, asking stakeholders to use CUNA’s Member Activation Program to get their members involved, and to continue reaching out to their Senators to ensure the bill sees floor consideration.
The bill contains several provisions CUNA is working to see enacted through its bipartisan, pro-consumer Campaign for Common-Sense Regulation. A credit union-specific provision would exempt one-to-four unit, non-owner occupied residential loans from a credit union’s member business lending cap, freeing up to as much as $4 billion in additional capital credit unions could lend.
Other provisions would also offer regulatory relief through:
Introduced by Sen. Mike Crapo (R-Idaho), chair of the Senate Banking Committee, co-sponsors include Sens. Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.) Jon Tester (D-Mont.), Mark Warner (D-Va.), Bob Corker (R-Tenn.), Tim Scott (R-S.C.), Tom Cotton (R-Ark.), Mike Rounds (R-S.D.), Claire McCaskill (D-Mo.), David Perdue (R-Ga.), Joe Manchin (D-W.V.), Thom Tillis (R-N.C.), Angus King (I-Maine), John Kennedy (R-La.), Tim Kaine (D-Va.), Jerry Moran (R-Kan.), Gary Peters (D-Mich.), James Risch (R-Idaho), Michael Bennet (D-Colo.), Dean Heller (R-Nev.), Christopher Coons (D-Del.), Roy Blunt (R-Mo.) and Thomas Carper (D-Del.).