Senate Majority Leader Mitch McConnell filed cloture on the motion to proceed with the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Thursday, moving the bill closer to floor consideration. The bipartisan regulatory relief bill is strongly supported by CUNA, which has launched a nationwide grassroots support effort.
“We’re thankful to Senate leadership for carving out floor time for this important piece of bipartisan legislation. Washington doesn’t seem to agree on much these days, but the bipartisan support this bill has seen since its introduction shows that the need for relief goes above party politics,” said CUNA President/CEO Jim Nussle. “This legislation will greatly benefit credit unions and other community financial institutions while retaining important consumer protections, resulting in major wins for the American consumer.”
S. 2155 was introduced in November, and passed the Senate Banking Committee in December. CUNA and all 38 credit union leagues wrote to Senate leadership earlier this month calling for Senate floor consideration.
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. Other provisions would also offer regulatory relief through mortgage servicing and lending rules, help protect credit union employees who report suspected elder financial abuse and require the Treasury to study cyber risks.
It would fulfill several goals that are part of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.