CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Missouri CU CEO says S. 2155 will increase consumer services
Policy & Issues

Missouri CU CEO says S. 2155 will increase consumer services

April 18, 2018

Credit unions are key to consumers having more options in financial services, and the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would help to that end, Rick Nichols wrote to the Columbia Missourian Wednesday.

Nichols, president/CEO of River Region CU, Jefferson City, Mo., called on the House to follow the Senate’s lead and pass the bill.

“Without this bill, consumers will continue to feel the financial pinch of overregulation. The 2010 Dodd-Frank Act created a one-size-fits-all solution to the financial crisis. In our state, that adds up to $71 million every year to cover compliance costs and another $13 million in lost revenue,” Nichols wrote. “Credit unions are not-for-profit financial cooperatives that return profits back to members. So, that’s less money credit unions can use to help consumers in Missouri and less money in the pockets of hard-working Missourians.”

Nichols emphasized that the one-size-fits-all regulatory climate is making it harder for consumers to get affordable loans, find savings programs and make reinvestments into their communities.

“S.2155 addresses the issues that make it harder for consumers to get these services while still keeping consumer regulatory protections in place,” Nichols wrote.

He thanked Sens. Claire McCaskill (D-Mo.) and Roy Blunt (R-Mo.) for co-sponsoring the bill, and urged other members of Missouri’s congressional delegation to join Rep. Blaine Luetkemeyer (R-Mo.) in supporting the bill.

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • CFPB proposes to raise remittance threshold to 500 transfers

  • PODCAST: Bettering people’s lives

  • Compliance: Recapping the 2019 BSA Conference

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors