WASHINGTON–It appears the House of Representatives will hold a vote on May 22 on a key piece of regulatory relief legislation that has strong backing from credit unions.
A number of sources have indicated the House leadership said a vote can be expected next week on S. 2155, the Economic, Growth, Regulatory Relief and Consumer Protection Act. As CUToday.info reported earlier, a week ago House Majority Leader Kevin McCarthy (R-CA) had indicated the House would move on the legislation.
The bill has already passed both the House and the Senate before being returned to the House for reconciliation. Several senators have cautioned that they do not want to see any amendments or substantive changes made to the bill, and House Speaker Paul Ryan (R-WI) has indicated that any changes favored by House members would likely be included in separate legislation.
S. 2155 rolls back a number of regulations included as part of the Dodd-Frank Act.
“We’re entering the home stretch for this bill, and we’ve gotten this far because credit union leaders from around the country have told their members of Congress how this bill will help them serve their members better,” said CUNA President/CEO Jim Nussle in a statement. “We are urging credit union members to give a final push and get this thing across the finish line. This bill is vital to the American consumer and needs to be signed into law to remove barriers keeping hard-working Americans from accessing safe products and services. The more votes we get, the more we’ll be able to convince members of Congress that regulatory relief is a truly bipartisan issue, and the better credit unions will be positioned to see future regulatory relief.”
NAFCU CEO Dan Berger also stated, "NAFCU stands ready to work with all members of the House to see regulatory relief for credit unions, including S. 2155, passed into law."