S. 2155 proceeds to debate in Senate as CUNA continues call to action

March 7, 2018

The Senate voted Wednesday evening to proceed to begin formal debate on the bipartisan, CUNA-supported Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

“We're pleased to see S. 2155 making forward progress," said CUNA President/CEO Jim Nussle. "Credit unions have sent thousands of messages of support in just a few days, and we need to keep up the momentum to ensure Senators know that credit union members support this bill."

CUNA has issued a call to action to credit union stakeholders around the country to contact their Senators to urge support of S. 2155, and is continuing its aggressive grassroots support of the bill as well.

CUNA also wrote to Senate leadership earlier this week to support the bill, and is currently engaged as negotiations on amendments and timing are underway. 

Credit unions can use CUNA’s Campaign for Common-Sense Regulation website to contact their Senators, and can use CUNA’s Member Activation Program to activate their members to contact Senators as well.

CUNA-backed provisions in the bill include:

  • Establishing a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
  • Rescinding the additional data points required under the Home Mortgage Disclosure Act for insured credit unions that originate fewer than 500 closed-end and/or 500 open-end lines of credit;
  • Reclassifying one-to-four unit, non-owner occupied residential loans as real estate loans, so the loan would not count against the member business lending cap;
  • Clarifying that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
  • Removing the three-day wait period required for the combined TRID mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate;
  • Requiring NCUA to make publicly available a draft of their proposed budget, hold a hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget;
  • Providing a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
  • Requiring the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.