LANSING, Mich.–The leaders of the Michigan CU League and the Michigan Bankers Association travelled together to Washington to press for passage of regulatory relief legislation.
Ken Ross, president/COO of the league, joined with Ran Paynter, president/CEO of the MBA to meet with members of the Michigan House delegation and call for passage of S 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, which in separate forms has passed both the House and Senate and is now back before the House for reconciliation.
According to the league, Ross and Paynter met with representatives or staff from most of the Michigan congressional delegation, as well as with Sen. Debbie Stabenow, during which they “explained that with less burdensome regulations standing between financial institutions and consumers, Michigan’s credit unions and community banks can focus on serving the public and providing capital for community development.”
“Regulatory reform for community-based financial institutions is so critical to Michigan credit unions and banks that we locked arm-in-arm and brought a unified message to our elected officials,” Ross said in a statement. “We have the chance for bipartisan reform designed to help smaller institutions to get to the president’s desk and all hands are on deck to get this passed.”
Prior to the visit the two associations joined with the Community Bankers of Michigan in sending a joint letter to Congress arguing the same points.
There are approximately 5.3 million CU members in Michigan.
“In Michigan, it’s estimated that regulatory burden costs the state’s 231 credit unions a total of $286 million annually,” Ross said. “That’s $286 million, every year, that should be circulating in the Michigan economy.”