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Senate Expected to Resume Discussion on S. 2155 Today
Monday, March 12, 2018 6:50 AM

This afternoon, the Senate should hear S. 2155, the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act, and a final vote on passage may occur this week as well. Credit union stakeholders still have time to contact their senators to ask them to Vote Yes on S. 2155.

CUNA reports that the campaign to get this bill to the floor has been spurred by millions of social media impressions and more than 45,000 emails sent to senators debating about it last week. Stakeholders can use the Member Activation Program to encourage their members to contact senators as well.

During last week’s discussions, several senators quoted credit unions from their state and spoke of the need to give credit unions relief from onerous regulations. The provisions included in S. 2155 are:

  • Establishing a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
  • Rescinding the additional data points required under the Home Mortgage Disclosure Act for insured credit unions that originate fewer than 500 closed-end and/or 500 open-end lines of credit; 
  • Reclassifying one-to-four unit, non-owner occupied residential loans as real estate loans, so the loan would not count against the member business lending cap;
  • Clarifying that that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
  • Removing the three-day wait period required for the combined TRID mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate;
  • Requiring NCUA to make publicly available a draft of their proposed budget, hold a hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget;
  • Providing a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
  • Requiring the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.

Remember to contact your senators by calling, emailing, or tweeting today.