Senate debate on the CUNA-backed, bipartisan S. 2155 has concluded for the week, with Senate Majority Leader Mitch McConnell filing cloture on a substitute amendment filed by bill co-sponsor Sen. Mike Crapo (R-Idaho). The Senate stands adjourned until Monday 4 p.m. (ET), and at 5:30 p.m. (ET), the Senate will vote on the motion to invoke cloture on the substitute amendment.
“Credit unions have made their voice heard throughout this process, and we need to maintain this momentum as the bill moves forward,” said CUNA President/CEO Jim Nussle. “Things are fluid at this moment in the legislative process, but we’re optimistic that this bill has the support needed to continue on. It’s essential we continue to make our voices heard, to ensure this bill can reach the finish line and bring better products and services to American consumers.”
Credit union regulatory relief has been addressed by nearly every Senator taking the floor over the past few days.
On Thursday morning, Sen. John Cornyn (R-Texas), said credit unions and other community financial institutions are victims of "overkill" from Dodd-Frank, saying they "weren't the target, but they are the collateral damage."
Credit unions can use CUNA’s Campaign for Common-Sense Regulation website to contact their Senators, and can use CUNA’s Member Activation Program to activate their members to contact Senators as well.
CUNA has issued a call to action to credit union stakeholders around the country to contact their Senators to urge support of S. 2155, and is continuing its aggressive grassroots support of the bill as well.