WASHINGTON–After months of aggressive lobbying by both credit union and bank groups, the House is expected to vote today on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The House Rules Committee took up the issue yesterday as part of the first step in getting the bill in front of the House for a vote.
Should S 2155 pass and be signed into law, CUNA said it is hopeful there will be opportunities to seek some specific regulatory relief for credit unions.
Yesterday, the House Rules Committee met on S 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, clearing the way for the bill to likely be considered for a vote as early as today.
“S 2155, this legislation we have worked on for several months, will bring targeted regulatory relief for credit unions, and we certainly applaud the good-faith efforts of Republicans and Democrats in the Senate and House who have come together for this legislation,” said CUNA Chief Advocacy Officer Ryan Donovan. “We think once this legislation passes the House and is signed into law, that given some time perhaps we will see some additional regulatory relief measures for credit unions.”
Donovan emphasized that the important point to recognize at this juncture is that S 2155 is the result of months of deliberate bipartisan negotiations and years of work.
“You can look back at the hearings that were held in the House Financial Services Committee and in the Senate Banking Committee over the last three or four years—you can see the seeds of the provisions for this legislation,” Donovan said. “This is special in that is has brought the Democrats and Republicans together, the House and Senate together, and American credit unions and community banks together. This is true targeted regulatory reform that’s going to help Americans and Main Street. Frankly, it’s the type of legislation that Congress should be proud to enact, and we are looking forward to the House considering this legislation and the President signing it shortly afterward.”
NAFCU President and CEO Dan Berger, who has held numerous meetings on Capitol Hill in the past week to gather support for the bill, said the association also stands ready to work with the House to see this bill passed into law. Berger was on the Hill last week meeting with key House members to secure support of S 2155.
The Rest Of The DC Agenda
In what is expected to be a busy agenda for Congress this week as both the Senate and the House prepare for the Memorial Day week recess, several other key items are on the agendas in both chambers:
- The House Ways and Means Committee on Wednesday will hold a hearing on tax reform and small businesses
- A House Education and Workforce subcommittee on Wednesday will look at regulatory reform as it relates to economic opportunities for workers and employers
- A House Financial Services subcommittee on Wednesday will review the impact of autonomous vehicles on the future of insurance
- A House Financial Services subcommittee on Wednesday will hold a hearing on various legislative proposals aimed at fueling capital and growth on Main Street
- The Senate Banking Committee on Wednesday will review the status of the housing finance system
- The Senate Banking Committee on Thursday is holding a hearing on cybersecurity and the risks its poses to the financial services industry
- The House Rules Committee this week is also expected to review the National Defense Authorization Act for fiscal year 2019 (HR 5515)