CUNA joined the Independent Community Bankers of America (ICBA) Wednesday in writing to House leadership to urge consideration and passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). CUNA strongly supports the bipartisan bill, which contains many relief provisions for credit unions. The bill passed the Senate in March.
“On behalf of the 12,000 community financial institutions represented by ICBA and CUNA, we urge you to schedule floor consideration of S. 2155 at the earliest opportunity,” reads the letter, signed by CUNA President/CEO Jim Nussle and ICBA President/CEO Cam Fine. “As this letter demonstrates, S. 2155 is a rare instance of agreement between our two trade associations. While we have our policy differences, we do agree that expeditious enactment of S. 2155 is an imperative for the community lenders we represent.”
The organizations thank the House for its work on legislation such as the Financial CHOICE Act (H.R. 10) for paving the way for the Senate ultimately producing S. 2155.
“Several provisions of H.R. 10 are included in S. 2155. To be sure, years of deliberation, hearings, markups, and floor votes in the House inspired and prompted the Senate to craft and consider S. 2155,” the letter reads. “This is effectively a bicameral bill; the House deserves as much credit for S. 2155 as the Senate.”
Nussle and Fine go on to note the multiple ways the bill would promote increased consumer access to credit union and community bank products and services, particularly mortgage credit.
“Taken together, the provisions of S. 2155 would create tiered regulatory relief for community financial institutions, allowing them to dedicate more resources to serving agricultural and Main Street customers,” the letter reads. “The bill would also deter industry consolidation, thereby promoting a healthy and robust financial services marketplace to the benefit of individual customers and small businesses across the nation.”