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NAFCU Director of Political Affairs Chad Adams, in a message to member credit unions yesterday, called on credit unions to keep up the grassroots pressure as the NAFCU-supported Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) comes to a vote in the House soon. 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.

Earlier this week, House Speaker Paul Ryan, R-Wis., said 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. In his email Wednesday, Adams said credit unions' "continuing push for regulatory relief has helped make this opportunity possible."

Since the implementation of the Dodd-Frank Act, NAFCU has been an ardent supporter of regulatory relief. More recently, NAFCU has been vocal on its support for S. 2155 since it was introduced by Senate Banking Committee Chairman Mike Crapo, R-Idaho, and several Democratic members of the committee in November, and launched its grassroots campaign in support of the bill the following month. The Senate passed the measure in March. In addition, NAFCU has been engaging with the House on ways to try to continue relief beyond S. 2155 and saw those efforts come to fruition as House Financial Services Committee Chairman Jeb Hensarling, R-Texas, recently announced that more efforts could be considered soon.

On Monday, NAFCU President and CEO Dan Berger outlined a number of top legislative items still pending before Congress, including S. 2155 and legislation to delay NCUA's risk-based capital (RBC) 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.

In his letter, Berger urged congressional leaders to address regulatory relief, RBC reform, data and cybersecurity standards, field of membership reforms, and lawsuit abuse under the Americans with Disabilities Act to bring further relief to the credit union industry.

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.