House passes, President Trump signs financial services regulatory relief bill
Thursday, May 24, 2018
Washington, DC--With bipartisan support, the U.S. House of Representatives on Tuesday, May 22 passed S 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, and President Trump signed it into law at 12:15 pm today. See his signing ceremony via The Washington Post on YouTube.
|Pres. Trump signed S. 2155 into law Thursday, May 24. Watch the signing ceremony here with remarks starting at the 23:30 mark and the signing starting at the 43:15 mark.
In Tuesday's deliberations, Reps. Patrick McHenry (R-NC10) and Ted Budd (R-NC13) of the House Financial Services Committee spoke in support of the bill. Overall, the North Carolina delegation was split, with Democrats G.K. Butterfield (D-NC1), David Price (D-NC4) and Alma Adams (D-NC12) joined by Republican Walter Jones, Jr. (R-NC3) in casting “no” votes.
All of the South Carolina delegation except Democrat Jim Clyburn (D-SC6) voted to support the bill.
Passage of common-sense regulatory reforms is a significant win for the credit union movement, having been the cornerstone issue for credit union advocacy spanning two congressional sessions. League members stepped up with more than 2,300 emails, calls, and texts in support of S 2155, in addition to personal pleas at in-district visits and during CUNA’s GAC and League Hike the Hill events.
CUNA CEO Jim Nussle touted system strength for the win via CUNA.org and Twitter, as has League President and CEO John Radebaugh.
“Hard work, patience, and persistence create results. This win was hard earned and we have each and every credit union in the Carolinas to thank for it. I cannot think of a better retirement gift,” said Radebaugh, who will retire July 1.
The League and CUNA now invite credit union advocates to express thanks to members of Congress for the measure, which is expected to:
- Protect seniors from elder financial abuse;
- Make mortgage processing easier and quicker;
- Increase affordable rental housing in our communities; and
- Help credit unions provide better service to their members.
Full Text: S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act
CUNA's Schenk touts S.2155 benefits for consumer credit
S.2155 passes: CUNA/leagues/CUs back bill in media