Sen. Jon Tester (D-Mont.) said credit unions are a critical part of the nation’s financial infrastructure Tuesday at the CUNA Governmental Affairs Conference (GAC), saying they provide access to financial services to small businesses and families around the country. Tester was an original co-sponsor of the Economic Growth, Regulatory Relief and
“This bill was years in the making, and your input is stamped upon this bill,” he said. “Credit unions in rural America were being strangled by regulations aimed at reining in the big guys on Wall Street…We saw the folks on Main Street, credit unions, paying the price.
“Consequently, we saw business lending decrease. So I got together with some of the folks on my side of the aisle and other folks on the other side of the aisle and we wrote a bipartisan regulatory reform bill the likes of which I don’t think we’ve ever seen, at least since I’ve been in around in Washington, D.C.,” he added.
Tester, a member of the Senate Banking Committee, said top on his list of priorities for this Congress is strengthening cybersecurity.
He also called housing finance reform the “last piece of the financial crisis” Congress needs to address.
“It will take bipartisan efforts, but have confidence in Chairman [Sen. Mike] Crapo (R.-Idaho) and confidence in the folks on banking committee to work together,” he said.
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