New England CU leagues join bankers to back S. 2155

May 2, 2018

Credit union leagues from Vermont, Maine, Connecticut, Massachusetts, Rhode Island New Hampshire and Delaware joined their state banking organizations to call on their members of congress to support the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The bill passed the Senate in March, and CUNA is urging credit unions to contact their members of Congress to get the bill through the House.

“This legislation, which was passed by the Senate on a 67-31 bipartisan vote, is vital legislation which provides targeted regulatory relief to local credit unions and banks throughout New England,” the letters read. “We believe that S. 2155 addresses some of the unintended consequences of the Dodd-Frank Act that make it more difficult for our members to grow and service their customers.”

The letters highlight how the bill’s changes to mortgages, residential loans and other relief will help serve consumers better while maintaining “strong consumer protections without compromising safety and soundness.”

Joe Bergeron, president/CEO of the Association of Vermont Credit Unions, Jill Nowacki, president/CEO of the Credit Union League of Connecticut, Paul Gentile, president/CEO of the Cooperative Credit Union Association and Todd Mason, president/CEO of the Maine Credit Union League are the credit union representatives who signed the letters, in addition to their counterparts at those states’ banking associations.

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.