CUNA, orgs call for floor consideration of S. 2155
WASHINGTON, DC (January 29, 2018) — CUNA and other leading trade organizations wrote to Senate leadership to urge floor consideration of the Senate’s bipartisan regulatory relief bill. CUNA strongly supports the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which was carefully crafted by a partisan group of legislators in November and passed the Senate Banking Committee in December.
“S. 2155 is a carefully crafted bipartisan bill that includes commonsense improvements to the nation’s financial rules that will allow community banks and credit unions to better serve their customers and communities,” the letter reads. “It will open doors for more creditworthy borrowers and businesses, and it will contribute to local economic growth and job creation nationwide.”
The bill includes commonsense regulation that would improve the operating environment for community banks and credit unions and allow them to better serve their customers and communities. One credit union-specific provision would exempt one-to-four, non-owner occupied residential loans from a credit union’s member business lending cap, freeing up to as much as $4 billion in additional capital.
Other provisions would also offer regulatory relief through changes to mortgage servicing and lending rules, help protect credit union employees who report suspected elder financial abuse and require the Treasury to study cyber risks.
With 23 cosponsors, including 11 Democrats and one Independent, S. 2155 is an example of how our elected leaders can advance solutions by working together in a time of frequent congressional gridlock in Washington. This key piece of legislation passed the Senate Banking Committee in December.
CUNA continues its nationwide grassroots support effort in support of S. 2155.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.