The passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act was a huge victory for credit unions. Regulatory burden costs the nation’s 5,800 credit unions a total of $6.1 billion annually – a total that translates to $115 per member household.
At the state level, regulatory burden costs North Carolina's 72 credit unions a total of $238 million annually, and $67 million annually for South Carolina's 65 credit unions.
This bill contains several provisions that will reduce that regulatory burden. To address the direct impact of this new legislation on credit unions in the Carolinas, the League has dedicated a new resource webpage on S. 2155.
View the CCUL S. 2155 Resources page here or navigate from our main menu by going to "Compliance --> News & Resources --> Risk Resources --> S. 2155 Resources."
For questions or comments on the new S. 2155 legislation, please don't hesitate to contact the Carolinas Credit Union League Compliance Department at firstname.lastname@example.org.