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NAFCU President and CEO Dan Berger yesterday updated credit unions on the status of the NAFCU-supported Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), and outlined the association's efforts to achieve additional regulatory relief for credit unions.

In the message to members, Berger highlighted that NAFCU-backed S. 2155 could come before the full House for consideration as soon as next week. He also pointed credit unions to NAFCU's Grassroots Action Center where they can easily find and contact members of Congress and urge their support of S. 2155 ahead of the House vote.

"NAFCU has been engaging Congress on the need for this regulatory relief for years, including in testimony before both the House and Senate last year and in numerous meetings with Congressional leaders and Administration officials, including President Trump. Help us get this legislation over the finish line," Berger wrote.

NAFCU has long fought to reduce burdensome regulations placed on credit unions; the association was the only trade association to oppose subjecting credit unions to CFPB authority under the Dodd-Frank Act. In his message Thursday, Berger also outlined how NAFCU's push for credit union regulatory relief is not stopping with S. 2155. Credit unions' regulatory burden, Berger explained, is why NAFCU remains committed to working with House and Senate leadership in an ongoing effort to expand regulatory relief opportunities for credit unions in this process.

Efforts by the association and credit unions have led to recent announcements from House Speaker Paul Ryan, R-Wis., and House Financial Services Committee Chairman Jeb Hensarling, R-Texas, that other regulatory relief measures may get considered in addition to S. 2155.   

In his e-mail, Berger shared how the association is leading efforts to get additional credit union specific relief considered, such as delaying the implementation of NCUA's risk based capital (RBC) rule from Jan. 1, 2019, to Jan. 1, 2021, which has been introduced as bipartisan legislation in the House (H.R. 5288).   

Berger's message is part of an ongoing NAFCU campaign for regulatory relief that includes months of non-stop bipartisan meetings on Capitol Hill and credit union grassroots efforts. Additionally this week:

• In an email to member credit unions Thursday, NAFCU Director of Political Affairs Chad Adams credited credit unions' "continuing push for regulatory relief" for House Speaker Paul Ryan's, R-Wis., announcement this week that the House will take up S. 2155 and that the Senate is expected to take up several House-passed bills that would provide regulatory relief to the financial services industry.

• On Monday, Berger outlined to lawmakers a number of top legislative items still pending before Congress, including S. 2155 and legislation to delay NCUA's risk-based capital rule (H.R. 5288), and asked leaders in the House and Senate to work with the association to address these issues and bring the credit union industry much-needed regulatory relief. Berger specifically pushed for Senate leaders to consider additional regulatory relief for credit unions as soon as possible.

Credit unions can use NAFCU's Grassroots Action Center to easily contact lawmakers on S. 2155, the NCUA's RBC rule and data security standards.