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.