While credit unions are hailing regulatory relief provisions in S 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, numerous consumer groups and others are blasting it as a gift to Wall Street that wipes away the consumer protections and other safeguards put in place following the deep recession of a decade ago.
Critics have derided is as the “Bank Lobbyist Act,” which rolls back provisions included in the Dodd Frank Act, many of which are deeply unpopular with credit unions.
But while credit unions welcome what they have said is much-needed regulatory relief, other groups are also pressing Congress to vote against the legislation. Among those critical of the bill are:
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