CUNA launched the second phase of its nationwide grassroots advocacy support of the Senate’s bipartisan regulatory relief bill this week, after urging Senate leaders last week to give the bill floor consideration. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is strongly supported by CUNA.
“Starting just before the markup we engaged with a national media push, particularly on social media, where we had more than 40 million impressions across the country,” said Richard Gose, CUNA chief political officer. “We’re continuing that effort as we move forward to hopefully see further action in the Senate. We’ve been engaged throughout the process but have once again stepped our efforts and will be reaching out across the country to target Senators for floor passage, and will transition to House efforts as well.”
It contains a credit union-specific provision to 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.
Other provisions would also offer regulatory relief through changes to mortgage servicing and lending rules, help protect credit union employees who report suspected elder financial abuse and require the Treasury to study cyber risks.