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On the heels of the largest Governmental Affairs Conference in history, with more than 5,200 credit union representatives in Washington, the Senate announced yesterday that it would give floor consideration to S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, a bill that Senator Angus King has co-sponsored. With momentum building in the Senate, CUNA issued an Action Alert urging credit unions to contact their Senators urging their support. "We strongly support and encourage our credit unions to contact both Senators Collins and King to reiterate the importance of this bill. We hope we have strong participation from our credit unions in this alert," stated Todd Mason, President of the Maine Credit Union League.
If the bill is enacted, it would mean the process for getting mortgage loans from credit unions will be easier and more straightforward for consumers. It would adjust thresholds that ensure lending regulations intended to reign in Wall Street banks do the job without overburdening Main Street credit unions and small banks. It would change how credit unions designate certain apartment loans, freeing up capital for additional small business lending, and it would provide important safeguards against elder abuse, giving greater protections to some of the most vulnerable consumers of financial services.
In a statement to your League, CUNA President/CEO Jim Nussle, noted, "This carefully crafted bill includes commonsense improvements that will allow community banks and credit unions to better serve their customers. We strongly urge for the enactment of S. 2155 as this bill is vital to small businesses, consumers and community-based financial institutions."
To send a message to Senator Collins, please click here.
To send a message to Senator King, please click here.