After years of NAFCU advocacy and credit union grassroots efforts, the Housethe NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) on May 22, 2018. Two days later, President Trump into law during a ceremony with several NAFCU-member credit union CEOs.
Immediately following the bill's passage in the House, NAFCU President and CEO Dan Bergerthanking President Trump for his leadership on helping Main Street financial institutions, and urging him to sign the bill. In addition, Berger personally contacted White House staff again to thank them for their dedication to regulatory relief efforts and for working with NAFCU.
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. A detailed analysis of the provisions in S. 2155 that are most relevant to credit unions can be found .
In the 115th Congress, NAFCU members have also testified before various congressional committees on behalf of the association to educate lawmakers on the pressing need to provide regulatory relief to the nation's credit unions.
On June 8, 2017, Steve Grooms, President/CEO at 1st Liberty Federal Credit Union,before the Senate Banking Committee at a hearing entitled “Fostering Economic Growth: The Role of Financial Institutions in Local Communities.” Grooms outlined how Dodd-Frank regulations have harmed his credit union and the industry as a whole and called on Congress to clarify the CFPB's ability to exempt credit unions from certain rules.
On March 21, 2017, Keith Stone, President/CEO at The Finest Federal Credit Union,before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit calling for a reduction of regulatory obstacles that burden credit unions both during the initial chartering stage as well as when new product lines are introduced.
Regulatory relief for community-based financial institutions was also hot topic in the 114th Congress. NAFCU testified before theand on regulatory relief priorities for credit unions including the impact of NCUA's second risk-based capital proposal, field of membership changes, and many other issues outlined in
from NAFCU member credit unions on regulatory relief.