Regulatory relief bill clears Senate Banking Committee with bipartisan support
Thursday, December 7, 2017
The Senate Banking, Housing and Urban Affairs Committee Dec. 5 approved S 2155, Economic Growth, Regulatory Relief and Consumer Protection Act. The 16-7 vote included Republican and Democrat support.
The bipartisan regulatory relief bill for financial included North Carolina’s Senator Thom Tillis (R) and South Carolina’s Senator Tim Scott (R) as primary co-sponsors of the bill. The bill includes a number of provisions that credit unions have long advocated for, including a provision that a 1- to 4-family dwelling that is not the primary residence of a member will not be considered a member business loan under the Federal Credit Union Act. Committee members waded through more than 100 amendments on the bill during the day-long committee hearing.
Sen. Tim Scott (R-S.C.) said the winners of this bill are “consumers who have been caught in the crossfire of more protection, but less access [to financial services].”
When the full Senate will consider S 2155 remains to be seen. With Congress’ and the White House’s focus on completing work on HR 1, Tax Cuts and Jobs Act, the likelihood of action on S 2155 before the Christmas recess appears to be slim.
The League and CUNA are grateful for Sen. Tillis’ and Sen. Scott’s leadership on this measure and have expressed support in paid media efforts, including radio ads being run in select North and South Carolina markets. Credit unions are encouraged to engage in the League’s Voter Voice campaign to ask your Senators to support the regulatory relief bill and to thank Senators Tillis and Scott for their support.
Voter Voice activated to support financial reform