The Senate provided a victory for credit unions when it passed the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act Wednesday.
S. 2155 rolls back certain aspects of the 2010 Dodd-Frank Act, which was established to police the financial services industry after the financial crisis. Broadly, the new bill would ease burdens on community banks and credit unions, which are currently treated the same as large financial institutions under Dodd-Frank.
“The regulatory relief this bill provides is a major step forward in moving way from a system that treats credit unions and community banks the same as the biggest banks,” said Georgia Credit Union Affiliates CEO Mike Mercer in a recent OpEd. “Adjusted reported thresholds for small financial institutions means less time and resources tied up in reporting data and more time and resources for members service and consumer-friendly products and services.”
GCUA and the Credit Union National Association have both been long supporters of the bill, which has enjoyed bipartisan support in Washington.
“We thank the senators who put party politics aside and listened to credit union stakeholders around the country to support a bill that will greatly benefit credit unions and the 110 million members they serve,” said CUNA President and CEO Jim Nussle in a CUNA release. “We’re grateful to see both sides come together to pass a meaningful piece of regulatory reform legislation, and CUNA will continue its engagement to see continue this positive momentum and see the bill move through the House.”
The bill will now head to the House of Representatives, where Republicans legislators plan to add provisions to it, according to a National Mortgage Professional Magazine article.