WASHINGTON–With the House and the Senate in recess, credit unions remain hopeful and believe they have “incredible momentum” in working to get S 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, to the president’s desk for a signature.
As CUToday.info has reported, members of Congress have offered differing views on the prospects for passage of the legislation, with some in the Senate saying any substantive changes made by the House are likely to doom its prospects, but one House member remarking recently that it is moving to get the bill back out of the lower chamber as quickly as possible.
The bill has passed both the House and the Senate and is currently back before the House for reconciliation, where it could be altered.
“There has been a lot of activity with respect to S 2155,” said CUNA’s chief advocacy officer, Ryan Donovan. “We were real pleased to hear the comments of chairman (Jeb) Hensarling (T-TX) when he said the substance of the legislation was more important than with how it became law and he would be pleased to attend a number of signing ceremonies rather than just one. We’re at this place right now because so many of the financial services sector have worked together and we have worked closely with the ICBA and the ABA. That level of cooperation has extended to the state level. It has delivered a strong message and delivers us incredible momentum as we go into this recess…It gives us a lot of hope we will see the legislation on the floor by Memorial Day.”
Also on agenda this week:
Separately, NAFCU also noted it is monitoring progress on H.R. 5288, which would provide the industry a two-year delay of the NCUA's risk-based capital (RBC) rule.
Also this week:
On Wednesday, NAFCU is hosting a webinar to provide credit unions with need-to-know details of the Financial Crimes Enforcement Network's (FinCEN) customer due diligence (CDD) rule, which goes into effect May 11.
On Thursday, NAFCU will be offering a webinar to help credit unions identify warning signs of and respond to financial exploitation, abuse and neglect of older adults.