The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) is being wrongfully blamed by some for recent bank collapses, Montana's Credit Unions President/CEO Tracie Kenyon wrote in The Independent Record this week. Credit unions supported the bill to push back against one-size-fits all regulations.
"That 2018 law has been a lifeline for Montana’s small community credit unions, replacing burdensome regulations that just don’t make sense for rural America with tailored oversight. It has allowed our local institutions to thrive, so that we can provide relief to small businesses, farmers, ranchers and homebuyers," Kenyon wrote. "Before the 2018 law was put into place, top-down financial regulations that were crafted to rein in the largest institutions were forced on small Montana credit unions."
Kenyon thanked Sens. Jon Tester, D-Mont., and Steve Daines, R-Mont., for their support of the bill, and reiterated that despite bank collapses credit unions will continue serving members and communities.
"Make no mistake: One-size-fits-all policies do not work for rural America, which is why it would be a mistake to use the failure of those out in Silicon Valley as a justification for imposing burdensome red tape on Montanans," she wrote.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
