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Regulatory Relief Package Advances Toward Vote This Week
Monday, March 5, 2018 6:40 AM

Senate Majority Leader Mitch McConnell, R-Ky., filed a motion on the Senate floor Thursday setting up a potential vote next week on a bipartisan regulatory relief package. The cloture motion moves the chamber closer to advancing the bill, S. 2155, spearheaded by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and cosponsored by 12 Democrats.

Cornerstone is calling on credit unions to contact their senators to vote Yes on S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. Today, as credit union advocates and credit union members, please tweet, call, or email your senators and ask them to vote YES on S. 2155.

The bill also includes relief for member business lending (MBL) and certain Home Mortgage Disclosure Act (HMDA) provisions.

The Democratic caucus is split on its support for the banking bill, which provides regulatory relief to small and midsize institutions. Four moderate Democrats on the Banking Committee negotiated the deal with Crapo, while more progressive members of the Democratic Party say the bill goes too far.

The House will still need to approve the deal, but if the bill becomes law, it will mark the most substantial changes to Dodd-Frank since the financial reform law passed in 2010.

Contact your senator and tell them to vote YES on S. 2155.