On January 29th CUNA joined the ICBA, ABA, and NAFCU in sending a letter to Majority Leader McConnell and Minority Leader Schumer urging the Senate to act on S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. The cosigners of the letter reiterated support for this important legislation that includes common-sense improvements to the nation’s financial rules that will allow community banks and credit unions to better serve their customers and communities.
The bill provides relief for credit unions and small to mid-sized banks that have been under strict post-crisis rules, and is intended to expand consumer access to mortgages, reduce regulations and create a safe harbor for those who report suspected elder abuse, but also limit credit report data collection. In addition, there is a provision in the current bill that would grant credit unions parity with banks by classifying residential loans on one- to four-unit, non-owner-occupied properties as real estate loans (and not business loans at they are today).
This joint trade association letter is in addition to the efforts earlier in January when 38 states (including Georgia) along with CUNA, wrote to Senate leadership urging them to bring bill S. 2155 to the floor for a vote, and Georgia is pleased to see that one of the state’s U.S. Senators, David Perdue (R), is an original co-sponsor of this legislation.