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Senate Committee Overwhelmingly Passes Regulatory Relief Bill
Wednesday, December 6, 2017 6:50 AM

The Senate Banking Committee voted to pass the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Tuesday. Cornerstone Credit Union League and Credit Union National Association strongly support the bill, which contains several regulatory relief provisions for credit unions.  

“Yesterday's Passage of S. 2155 in committee is a significant step towards achieving regulatory relief this Congress," said Cornerstone SVP Chief Advocacy Officer Jim Phelps. "Grassroots support will be essential to advance the bill to the Senate floor, and all credit union advocates are urged to take action today.”  

“Advancing this bill through committee is a strong first step, but credit unions must remain engaged and keep up the momentum to get this bill to the finish line,” said CUNA President/CEO Jim Nussle. “We saw at the markup that the regulatory relief measures in this bill have strong bipartisan support, and CUNA will continue its advocacy push to help move this bill forward." 

Provisions that would offer regulatory relief for credit unions include exempting one-to-four unit, 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 credit unions could lend. Other provisions include changes to mortgage servicing and lending rules, help protecting credit union employees who report suspected elder financial abuse and requiring the Treasury to study cyber risks. 

“This bill is a good first step in the right direction, common-sense regulatory reform for small and mid-size community banks and credit unions,” said Sen. Jon Tester (D-Mont.). “Community banks and credit unions, it's been said repeatedly, did not cause the crisis, and a one-size-fits-all rule package is not what we need.” 

Sen. Tim Scott (R-S.C.) said the winners of this bill are “consumers who have been caught in the crossfire of more protection, but less access [to financial services].” 

Sen. Mark Warner (D-Va.), said the bill makes appropriate changes to the Dodd-Frank Act without undermining it. “I think the basic tenets of Dodd-Frank will stand test of time. But after seven years, it needs some revisions,” he said. “I believe what we’re doing here is an effort to help Main Street by rolling back regulations on community banks, credit unions and some regional banks." 

Please reach out to your Senators on S. 2155. Sign up for CUNA's Member Activation Program and go out to your members.