CCUL Headlines: Political

Take action: Voice your support for S. 2155 as senate floor debate continues

Thursday, March 8, 2018   (0 Comments)
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On Wednesday evening, the Senate voted to proceed with formal debate on the bipartisan, CUNA-supported Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). Debate continues this afternoon as several newly added amendments are under review.

Watch the senate debate on C-Span.

CUNA, with support from state leagues, continues its call to action to credit union stakeholders around the country to contact their senators to urge support of S. 2155. Credit unions can use CUNA’s Campaign for Common-Sense Regulation website to contact their Senators, and can use CUNA’s Member Activation Program to activate their members to contact senators as well.

The bill, whose cosponsors include Senators Tim Scott (R-SC) and Thom Tillis (R-NC), includes provisions that 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.

"We thank Senators Scott and Tills for their support of the bill, and we are grateful to the credit union advocates in the Carolinas that have already engaged in this call for commonsense regulation," said Maggie Ambrose, Carolinas Credit Union League PAC/Grassroots Specialist. "Through these collective efforts, we hope to also gain support from Senators Richard Burr (R-NC) and Lindsey Graham (R-SC) when the bill comes to a vote in the Senate."

Currently, debate on the bill is expected to carry on into next week.

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