May 16, 2018

House vote on S. 2155 expected next week; NAFCU urges CUs to contact lawmakers for support

Hunt, Saat, Gleason talk reg relief
NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt (left) discusses credit unions' regulatory relief priorities with Financial Services Legislative Assistant for Sen. Tim Scott (R-SC) Saat Alety (center), and NAFCU Associate Director of Legislative Affairs Alex Gleason (right).

House sources have told NAFCU that the chamber is expected to vote on the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) on Tuesday, May 22. NAFCU President and CEO Dan Berger said the association stands ready to work with the House to see this bill passed into law.

Berger thanked House Speaker Paul Ryan, R-Wis., House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and House leadership for their work on regulatory relief and for bringing S. 2155 before the House for consideration. "NAFCU stands ready to work with all members of the House to see regulatory relief for credit unions, including S. 2155, passed into law," Berger said.

Ahead of next week's expected vote, NAFCU encourages credit unions to reach out to their lawmakers and urge them to support the bill through the association's active grassroots campaign. For several months, NAFCU lobbyists have been on Capitol Hill holding non-stop bipartisan meetings, advocating for the bill's passage and for other credit union regulatory relief measures.

S. 2155 includes various credit union regulatory relief measures related to member business lending and the Home Mortgage Disclosure Act. More details on the NAFCU-supported provisions of the bill can be found here.

NAFCU has been working towards regulatory relief for credit unions since the implementation of the Dodd-Frank Act. Most recently, NAFCU has advocated for S. 2155's passage since it was introduced by Crapo, R-Idaho, and several Democratic members of the Senate Banking Committee last November. The association continues its presence on Capitol Hill pushing for credit union regulatory relief on several fronts and will keep credit unions updated as much-needed relief makes its way through the legislative process.

While NAFCU has been extremely supportive of the regulatory relief contained in this bill and has helped bring it to the finish line, the association's advocacy efforts will not relent. Once S. 2155 passes, NAFCU will be advocating for Congress to address a series of challenges that credit unions still face. Berger recently noted a number of top legislative items still pending before Congress – risk-based capital reform, data and cybersecurity standards, field of membership reforms, and lawsuit abuse under the Americans with Disabilities Act – and asked leaders in the House and Senate to work with the association to address these issues to bring the credit union industry even more relief.