S. 2155 passes Senate in major reg relief win for CUNA, CUs

March 14, 2018

The Senate passed the CUNA-backed, bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Wednesday, in a strong step forward for much-needed regulatory relief. CUNA strongly supported the bill since it was introduced, and CUNA’s aggressive grassroots support of the bill resulted in millions of social media impressions and more than 50,000 messages sent to Senate offices.

“We thank the Senators who put party politics aside and listened to credit union stakeholders around the country to support a bill that will greatly benefit credit unions and the 110 million members they serve,” said CUNA President/CEO Jim Nussle. “We’re grateful to see both sides come together to pass a meaningful piece of regulatory reform legislation, and CUNA will continue its engagement to continue this positive momentum and see the bill move through the House. This is a great step forward, but we need to continue to make out voices heard to get this bill through the House and across the finish line.”

CUNA issued several calls to action to members since the bill's introduction by original sponsors Sens. Mike Crapo (R-Idaho), Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.), Jon Tester (D-Mont.) and Mark Warner (D-Va.). CUNA also wrote to Senate leadership recently highlighting the bill’s positive impact on credit unions.

During CUNA's Governmental Affairs Conference, credit unions discussed the need for S. 2155 with their elected officials, and Nussle and several credit union CEOs met with President Donald Trump to tout the bill as well.

CUNA also launched digital, print and radio ads as part of its support of the bill.


In addition, CUNA President/CEO Jim Nussle appeared on CNBC earlier this week to talk about the bill’s benefits, and credit unions from around the country wrote op-eds and letters to the editor in support of S. 2155 in their local papers.

Specifically, S. 2155 would:

  • Establish a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
  • Rescind 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;
  • Reclassify 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;
  • Clarify that that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
  • Remove 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;
  • Require 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;
  • Provide a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
  • Require the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.