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March 14, 2018

NAFCU, CU efforts push reg relief bill through Senate

Following months of NAFCU advocacy and credit union grassroots efforts, the Senate yesterday passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) on a bipartisan vote.

"The Senate's passage of this bill is a great first step, as one of the greatest challenges facing the credit union industry is unnecessary, burdensome regulation. NAFCU and our members sincerely thank [Senate Banking Committee] Chairman [Mike] Crapo and his Democratic colleagues for crafting bipartisan legislation to address this worrisome trend, and the senators on both sides of the aisle who voted in favor of it," said NAFCU President and CEO Dan Berger. "Americans deserve access to safe, affordable financial products, and this legislation would help create a regulatory environment in which credit unions can more easily deliver those services to their 111 million members."

The bill now moves to the House where House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and his colleagues are expected to include additional bipartisan relief efforts as they consider S. 2155, many which have already passed the House.

The legislation includes various credit union regulatory relief measures related to member business lending (MBL) and the Home Mortgage Disclosure Act (HMDA). NAFCU lobbyists continue to advocate for action on additional credit union regulatory relief measures.

NAFCU has advocated for the bill's passage since it was introduced by Crapo, R-Idaho, and several Democratic members of the Senate Banking Committee in November, and also launched a grassroots campaign urging credit unions to contact their senators in support of it.

More details on the NAFCU-supported provisions of the bill can be found here.