Leagues thanks Congress for S.2155 support
Credit union league presidents in Utah and the Dakotas thanked members of Congress for their efforts in passing S. 2155--the Economic Growth, Regulatory Relief and Consumer Protection Act.
In an op-ed piece that appeared in the Grand Forks Herald, the Capital Journal and InForum, Jeff Olson, CEO of the Credit Union Association of the Dakotas, praised Congress for helping small lenders with the passage of S. 2155.
The new law offers credit unions relief from the most burdensome of Dodd-Frank's regulations. “In so doing, it would free up credit unions to divert spending away from regulatory compliance--and toward their member consumers,” Olson wrote.
He noted that the bill would streamline the process for consumers seeking a mortgage. “It would also tweak how some loans to landlords are categorized,” he wrote. “That move alone would unlock an extra $4 billion for credit unions to lend to small businesses.”
In another op-ed piece, which appeared in the Deseret News, Scott Simpson, president of the Utah Credit Union Associatio,n and Howard Headlee, president of the Utah Bankers Association, thanked Rep. Mia Love (R-Utah) for her sponsorship of S. 2155.
"This will be the most significant bipartisan action taken by Congress this year, and Love sponsored several key provisions in the bill," Simpson and Headlee wrote. "We are grateful for her commitment to serve on the House Financial Services Committee. These are highly technical areas of the law that have a real impact on small businesses and families, and Love has spent an enormous amount of time and effort to become an expert in this area