NAFCU supports legislation introduced Tuesday by Sen. Jerry Moran, R-Kan., which would provide regulatory relief for small financial institutions, including credit unions.

S. 1002, the “Community Lending Enhancement and Regulatory Relief (CLEARR) Act,” is companion legislation to H.R. 2133, introduced in the House last week by House Financial Services Subcommittee on Financial Institutions and Consumer Credit Chairman Blaine Luetkemeyer, R-Mo.

Sen. Jon Tester, D-Mont., is the lead Democrat on the bill and Sens. Thom Tillis, R-N.C., and Heidi Heitkamp, D-N.D., are original cosponsors.

“NAFCU appreciates Sen. Moran’s leadership on this issue and for understanding the high price the current regulatory burden is having on the nation’s smaller financial institutions, including credit unions,” said NAFCU President and CEO Dan Berger. “We look forward to working with members in the both the Senate and the House to advance this important regulatory relief legislation.”

 

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