WASHINGTON–Credit unions across the country are putting on a last-minute blitz to lobby Congress for passage of S 2155, the reg relief bill formally known as the Economic Growth, Regulatory Relief and Consumer Protection Act.
CUNA has been joining with the state leagues in the renewed push following a comment by Rep. Jeb Hensarling (R-TX) that he would be willing to support the Senate-passed bill, which is now back before the House for reconciliation and passage. Several members of the Senate have said they would not approve of any changes to the bill that might be made by the House. Instead, suggested Hensarling, he would be amenable to taking on additional reg relief provisions in separate legislation.
“We are pleased to learn of Chairman Hensarling’s willingness to compromise and come to a final consensus on this legislation,” said CUNA President Jim Nussle in a statement. “S 2155 includes several provisions found in the Financial CHOICE Act, which was first introduced by the House, and we are confident it is an effectively bicameral bill.”
CUNA noted that House Chief Majority Whip Patrick McHenry (R-NC) and Sen. Mark Warner (D-VA) have also discussed the bill this week. McHenry suggested there are a few options the House could take to consider the bill, and that he expects Speaker of the House Paul Ryan (R-WI) and Senate Majority Leader Mitch McConnell (R-KY) to work out the specifics.
Warner, who was an original co-sponsor of the bill, reiterated he does not expect the bill to pass the Senate a second time if the House alters it and sends it back.
NAFCU has also been actively lobbying for the bill’s passage.