Newsroom

May 22, 2018

NAFCU anticipates historic House vote on S. 2155 today

Berger, Hensarling
NAFCU President and CEO Dan Berger met last week with House Financial Services Committee Chairman Jeb Hensarling, R-Texas, to thank him for his efforts to advance S. 2155 and other credit union regulatory relief priorities.

The House today is expected to vote on the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which would provide much-needed regulatory relief to the financial services industry. This is an historic opportunity as it would be the most comprehensive regulatory relief package passed by Congress in more than a decade.

NAFCU President and CEO Dan Berger has held numerous meetings on Capitol Hill in the past week to gather support for the bill, and the association continues to contact House members – and encourages credit unions to do so as well – to urge their support ahead of today's vote.

Berger also sent a letter last night to House Speaker Paul Ryan, R-Wis., and House Minority Leader Nancy Pelosi, D-Calif., and all members of the House thanking them for their efforts to provide credit unions with regulatory relief and highlighting key provisions within S. 2155 that are important to credit unions.

"S. 2155 … is an excellent step toward providing bipartisan regulatory relief and economic growth," Berger wrote. "NAFCU supports S. 2155 and we urge the House to pass this legislation."

Yesterday, the House Rules Committee advanced the bill to the House for consideration. Prior to the committee's hearing, Berger requested the committee advance the bill under a closed rule, which it ultimately did.

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 Sen. Mike Crapo, R-Idaho, and several Democratic members of the Senate Banking Committee last November.

The Senate passed the bill in March; the president is expected to sign it into law once passed by the House.

Berger has also brought to lawmakers' attention 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.