CUNA encouraged as S. 2155 gains momentum in House

April 26, 2018

CUNA President/CEO Jim Nussle thanked House Financial Services Chairman Jeb Hensarling (R-Texas) for his Thursday remarks that he would be willing to support the Senate-passed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Hensarling said Thursday at the U.S. Chamber of Commerce that he’s open to pathways that involve passing S. 2155 and tackling additional regulatory relief in separate legislation.

“We are pleased to learn of Chairman Hensarling’s willingness to compromise and come to a final consensus on this legislation,” Nussle said. “S. 2155 includes several provisions found in the Financial CHOICE Act, which was first introduced by the House, and we are confident it is an effectively bicameral bill.”

House Chief Majority Whip Patrick McHenry (R-N.C.) and Sen. Mark Warner (D-Va.) also discussed the bill this week, during a conference. McHenry said there are a few options the House could take to consider the bill, and he expected Speaker of the House Paul Ryan (R-Wis.) and Senate Majority Leader Mitch McConnell (R-Ky.) to work out the specifics.

Warner, an original co-sponsor of the bill, said he does not expect the bill to pass the Senate a second time if the House alters it and sends it back.

The Senate passed the bipartisan S. 2155 in March. CUNA strongly supports the bill, and led an aggressive grassroots support campaign for the bill.

CUNA wrote to members of Congress Wednesday to urge it to take up and pass S. 2155. Nussle credited Hensarling and others’ “years of deliberation, hearings, markups, and floor votes in the House” for inspiring and prompting Senators in crafting and considering the bill.

CUNA is encouraging credit unions to sign up for and use its Member Activation Program (MAP) to activate credit union members to contact members of Congress and urge them to support the bill.

Stakeholders can also use CUNA’s Campaign for Common-Sense Regulation website to contact their members of Congress and urge them to support S. 2155.