The House voted Tuesday to pass the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), a bipartisan regulatory relief bill that will provide much needed regulatory relief for credit unions. Having passed the Senate in March, the bill now goes to President Donald Trump for his signature, which is expected in the coming days.
“CUNA, state credit union leagues, credit unions and credit union members all deserve a major round of applause for getting this historic bill through Congress and onto the president’s desk,” said CUNA President/CEO Jim Nussle. “From the moment a group of bipartisan Senators unveiled this bill, credit unions told them loud and clear that this is an essential piece of regulatory relief legislation that will improve access to mortgage lending, real estate loans and other products and services, while putting focus on senior abuse and cyberthreats.
“We thank that group of Senators, their colleagues who voted in favor of the bill, House leadership, and all the members of the House who supported S. 2155. The bill’s opponents fought hard, but these credit union champions stayed strong and stuck to their guns leading into a tough election year, and they deserve our thanks,” Nussle added.
CUNA was heavily engaged with legislators throughout the process, meeting with Senators early this year as negotiations began.
More than 5,000 credit union leaders discussed the importance of the bill when meeting with their legislators during the CUNA Governmental Affairs Conference Hike the Hill meetings. Also during CUNA GAC, Nussle and the leaders of several credit unions met with Trump at the White House to discuss the bill.
As the bill went through the Senate, CUNA met with House members from both sides to talk about the importance of the bill, including meetings with conservative-leaning Democratic House members and writing to House leadership to push for consideration.
Credit unions used CUNA’s Member Activation Program to activate tens of thousands of members to support S. 2155. In addition, leagues representing at least 16 states joined with their state banking organizations to call on their state’s members of Congress to support the bill.
Wow, we did it! The @CUNA League system and 110 million members all deserve a major round of applause for getting this #CommonSenseReg passed. Thank you to the Senators and Representatives who voted YES on #S2155 #Relief4MainStreet pic.twitter.com/J1tGfcZvG5— Jim Nussle (@Nussle) May 22, 2018
Once signed into law, S. 2155 will:
CUNA wrote to House leadership after the vote Tuesday, thanking them for the vote and outlining the next steps in CUNA's advocacy agenda.