Long-awaited regulatory relief bill clears U.S. Senate
Thursday, March 15, 2018
|Watch as the final votes come in for the passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Bill on March 14, 2018. Source: C-Span
The United States Senate late Wednesday evening passed the Economic Growth, Regulatory Reform and Consumer Protection Act (S. 2155) in what is the most significant legislative action on regulation since the Dodd-Frank Act of 2010. Senators Tim Scott (R-SC) and Thom Tillis (R-NC) are cosponsors of S.2155, with Richard Burr (R-NC) and Lindsey Graham (R-SC) having added their votes in favor on the Senate floor.
As the bill moves to the US House, the credit union advocacy engine is pushing the pace.
"Keep S.2155 top of mind by Tweeting at your representative or writing letters to your local papers and contacting your members of Congress," CUNA President/CEO Jim Nussle urged in his video message via Twitter. "When we all work together--CUNA, leagues, credit unions, and our more than 110 million members, using our 'cooperative superpowers'--we are unstoppable."
|During the March 8, 2018 Senate session, Senator Thom Tillis (R-NC) gave remarks in support of S. 2155 and the regulatory relief it will provide for smaller community banks. Credit: C-Span
Passage of the bill follows a surge of activity by credit union advocates. Thousands addressed the issue during the 2018 CUNA Governmental Affairs Conference in meetings on Capitol Hill and via text campaign. Stakeholders are urged to continue pressing for House support via CUNA's Campaign for Common-Sense Regulation website and Member Activation Program.
Credit union advocates can further support efforts through social media and show appreciation for legislators who are subject to negative public feedback. Grassroots opposition efforts have resulted in more than 450,000 actions taken against the bill, according to CUNA.
“This is a huge step forward, and one our entire movement has worked toward for years," CCUL President and CEO John Radebaugh said. "We are especially grateful for the leadership of Senators Scott and Tillis, and for everyone who shared with our delegation that common-sense regulation is essential to credit unions' ability to serve their members and communities well."
Provisions of S.2155 would:
- Help protect seniors from elder abuse;
- Simplify and streamline mortgage processing;
- Increase affordable rental housing;
- Enable service improvements by credit unions;
- Reclassify certain real estate loans, freeing up to $4 billion in capital for member business loans;
- Treat loans held in portfolios by certain lenders as Qualified Mortgages (QM);
- Raise Home Mortgage Disclosure Act (HMDA) reporting thresholds; and
- Allow more efficient disclosure of lender discounts to potential homebuyers.