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S. 2155 Gains Momentum with Procedural Vote-Contact Your Senator
Wednesday, March 7, 2018 6:45 AM

Following the Senate's vote yesterday to proceed on S. 2155, Cornerstone Credit Union League continues the call to action for credit unions to support the Senate's bipartisan regulatory relief bill.

Contact your senators and ask them to Vote Yes on S. 2155.

S. 2155 is a bipartisan bill that helps community financial institutions. The bill will protect seniors from elder abuse, make mortgage processing easier and quicker, increase affordable rental housing in our communities, and help credit unions provide better service to their members, common-sense solutions that will benefit consumers. 

“Credit union advocates, Cornerstone, and CUNA have worked diligently to ensure that this bipartisan legislation gets to the floor for a vote," said Cornerstone Chief Advocacy Officer Jim Phelps. "Now that we've passed the procedural hurdle, credit union advocates have momentum and must continue to press their senators to Vote Yes on S. 2155, a bill that will provide much-needed regulatory relief and enable credit unions to serve their members better. Please contact your senator today."

The bill also contains a credit union-specific provision to reclassify certain types of real estate loans, freeing up to as much as $4 billion in capital that credit unions could lend to business members. It also offers mortgage relief by treating loans held in portfolios by certain lenders as Qualified Mortgages, while raising Home Mortgage Disclosure Act (HMDA) reporting thresholds. Also, S. 2155 allows more efficient disclosures of available discounts from lenders to potential homebuyers.  

Contact your senator today!