The Atlanta Business Chronicle recently addressed state-wide support for S. 2155, which passe the U.S. Senate on March 14.
The bill would reduce regulations imposed by the Dodd-Frank Act that Congress imposed in 2010 following the economic crisis.
The ABC’s article quotes Georgia Credit Union Affiliates CEO and President Mike Mercer explaining the bill would recognize that different categories of banks and credit unions should be regulated differently.
“The regulatory relief this bill provides is a major step forward in moving away from a system that treats credit unions and community banks the same as the biggest banks,” Mercer said in the article. “Adjusted reporting thresholds for small financial institutions means less time and resources tied up in reporting data and more time and resources for member service and consumer-friendly products and services.”