Michigan Credit Union League President/COO Ken Ross joined Michigan Bankers Association President/CEO Rann Paynter last week to urge members of the Michigan congressional delegation to support the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The bipartisan bill passed the Senate in March, and currently awaits House consideration.

“Regulatory reform for community-based financial institutions is so critical to Michigan credit unions and banks that we locked arm-in-arm and brought a unified message to our elected officials,” Ross said. “We have the chance for bipartisan reform designed to help smaller institutions to get to the president’s desk and all hands are on deck to get this passed.”

This visit follows up a joint letter sent to the state’s congressional delegation from the Michigan Credit Union League, Michigan Bankers Association and Community Bankers of Michigan

There are nearly 5.3 million credit union members in Michigan, more than half the state’s population.

“In Michigan, it’s estimated that regulatory burden costs the state’s 231 credit unions a total of $286 million annually,” Ross continued. “That’s $286 million, every year, that should be circulating in the Michigan economy.”

Leagues in Indiana, Wisconsin, Idaho, Oregon, Washington and Georgia have also joined with their state banking organizations to urge their Congressional delegations to pass the bill.