Credit union advocates who met with the members of Congress this week at the GAC urged them to act on a bipartisan regulatory reform package to make changes to Dodd-Frank provisions and relieve compliance burdens felt at financial institutions. This bill, S. 2155, is the work of years of negotiations on the Senate side, with many hours of advocacy from credit unions, Leagues and CUNA between Hike the Hill visits, work with the Senate Banking Committee last spring for legislative proposals, and engagement in the series of hearings the committee has held. For a section-by-section summary, please click here.
The bill would provide 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 to limit credit report data collection – something of note in the post-Equifax breach era. 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 bill is rumored to be heard on the Senate floor next week! Special thanks to the credit union leaders who traveled to D.C. this week to speak with members of Congress on this bill, and to U.S. Senator David Perdue (R) from Georgia being one of the original sponsors. Stay tuned, and to urge Georgia’s two senators to vote for the bill you can do so here.
