WASHINGTON, DC (May 23, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today issued the following statement regarding the House passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) on a bipartisan vote.
“The passage of this bill is not just months in the making, but years, as our industry has been fighting regulatory burden since the implementation of the Dodd Frank Act. NAFCU and its members are incredibly appreciative that Congress recognized it was time to tackle one of the greatest challenges facing the credit union industry – unnecessary, burdensome regulations,” said Berger. “We thank [Senate Banking Committee] Chairman [Mike] Crapo, the Democratic and Republican cosponsors of this bill, and members of the Senate for crafting bipartisan legislation, and we thank [House Financial Services Committee] Chairman [Jeb] Hensarling and representatives on both sides of the aisle who voted in favor of it.
“The regulatory relief contained in this bill is a great step forward, but there remain a series of initiatives beneficial to our nation’s Main Street and small financial institutions that NAFCU will continue to pursue. We look forward to continuing our advocacy efforts with Congress, as the House and Senate have indicated a willingness to tackle more regulatory relief provisions for credit unions,” Berger added.
Following the bill’s passage, Berger immediately sent a letter thanking President Donald Trump for his leadership on helping Main Street financial institutions, and urging him to sign the bill. Berger also personally contacted White House staff again to thank them for their dedication to regulatory relief efforts.
Trump is expected to sign S. 2155 into law.
NAFCU has advocated for the bill’s passage since it was introduced by Chairman Crapo, R-Idaho, and several Democratic members of the Senate Banking Committee in November, and also launched a grassroots campaign urging credit unions to contact their lawmakers in support of it.
S. 2155 includes various credit union regulatory relief measures related to member business lending and the Home Mortgage Disclosure Act; more details on the NAFCU-supported provisions of the bill can be found here.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
