The West Virginia Credit Union League joined the West Virginia Bankers Association Wednesday to call on the state’s members of Congress to support the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The bipartisan regulatory relief bill passed the Senate in March, and reports this week indicate the House will likely vote on the bill next week.
“S. 2155 is a carefully constructed compromise that provides commonsense reforms – fifteen of which were contained in the CHOICE Act of 2017,” read the letters. “These reforms will allow both banks and credit unions to better serve their customers, members, and communities throughout the state.”
The letters were signed by Ken Watts, WVCUL president and Sally Cline, president/CEO of the West Virginia Bankers Association.
“In recent years, the unwarranted growth of federal regulations on West Virginia’s banks and credit unions has negatively impacted their ability to serve consumers and has contributed toward the consolidation of our industries, as compliance is both costly and burdensome,” the letters read. “The bill will allow our institutions to focus on serving consumers, rather than meeting arbitrary measures of regulatory compliance. Improving the regulatory environment for our member institutions will help revitalize lending and investment in local communities throughout the state.”
Credit union leagues in Pennsylvania, Wisconsin, Georgia, Washington, Oregon, Idaho, Michigan, Indiana, Connecticut, Maine, Vermont, New Hampshire, Delaware and Massachusetts have also joined with their state banking organizations to urge their members of Congress to support S. 2155.