CUNA and other trade organizations asked Senate leadership to bring the bipartisan regulatory relief bill before the Senate floor for full consideration. In the letter sent to Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Chuck Schumer (D-N.Y.), the organizations highlighted how the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would benefit consumers.
“S. 2155 is a carefully crafted bipartisan bill that includes commonsense improvements to the nation's financial rules that will allow community banks and credit unions to better serve their customers and communities,” the letter reads. “It will open doors for more creditworthy borrowers and businesses, and it will contribute to local economic growth and job creation nationwide.”
The bill 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.
“At a time of frequent congressional gridlock in Washington, this bipartisan legislation is a shining example of how our elected leaders can advance necessary solutions by working together and across the aisle,” the letter reads. “We are confident that you will agree enacting S. 2155 offers an opportunity to demonstrate to the American public how Congress should work in unison when presented with beneficial and reasonable reforms to create and enhance economic growth.”
CUNA has launched a nationwide grassroots support effort in support of S. 2155.