WASHINGTON—CUNA is urging credit unions to maintain the momentum of support for the Senate’s bipartisan regulatory relief bill.
“We’re close to another one of those right now, a very meaningful win, but to cross the finish line, we’re going to need some of your help,” CUNA President/CEO Jim Nussle stated in a video message, noting more work remains following efforts last year from CUNA’s Campaign for Common-Sense Regulation. “S 2155 is a bipartisan regulatory relief package that would be enormously beneficial to credit unions…We need to make it very difficult for anyone in Congress to vote no on this bill.”
Nussle urged credit unions to contact their senators through CUNA’s Campaign for Common-Sense Regulation website, or go out to members via CUNA’s Member Activation Program.
The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) was introduced by a bipartisan group of senators in November and passed the Senate Banking Committee in December.
A credit union-specific provision in the bill would exempt 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, CUNA explained.
Other provisions would also offer regulatory relief through changes to mortgage servicing and lending rules, help protect credit union employees who report suspected elder financial abuse and require the Treasury to study cyber risks.