The Senate is moving forward with the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), and the New York Credit Union Association and CUNA are urging credit union advocates to contact lawmakers in support of the bill.
Senate Majority Leader Mitch McConnell filed cloture on the motion to proceed with the legislation, and the Senate could vote on the bill this week.
Credit union advocates are encouraged to utilize CUNA’s Campaign For Common Sense Regulation website to contact lawmakers and ask for their support on the bill.
As noted in CUNA News:
“The bill contains a credit union-specific provision to exempt one-to-four unit, non-owner occupied residential loans from a credit union’s member business lending cap. Other provisions would also offer regulatory relief through mortgage servicing and lending rules, help protect credit union employees who report suspected elder financial abuse and require the Treasury to study cyber risks.”
Both the Association and CUNA strongly support the legislation and have advocated for its passage.