Economic Growth Package Includes Regulatory Relief for Credit Unions
Thanks to the advocacy efforts of Northwest credit unions, the legislation represents a significant win for the Credit Union Movement on the federal level.
On Nov. 13, the Senate Banking Committee released its long-awaited Economic Growth Package — aimed at providing regulatory relief for community financial institutions with several priorities for credit unions, including the “1-4 provision.” This provision would reclassify residential 1-4 non-owner-occupied loans from business loans to mortgage loans.
The legislation represents a significant win for the Credit Union Movement, and the Northwest led the way in making it happen.
Troy Stang, NWCUA’s President and CEO, applauded the efforts of Northwest credit unions in capturing the win.
“As a result of your efforts over the last several months, Senator Wyden (D-OR) introduced this bill early this year, with bipartisan support,” Stang said. “As a result of your efforts, Chairman Crapo included the language in his long-awaited bipartisan Regulatory Relief package. Your NWCUA team worked tirelessly with CUNA and our league counterparts to deliver the appropriate asks at the appropriate time and keep the appropriate pressure on to ensure inclusion of this priority language.”
While this bill represents a meaningful step in the legislative process, our work is far from done. The bill is expected to go before the Senate Banking Committee later this month, and then to the Senate floor for a vote. Northwest credit unions will need to continue to message the importance of this provision to legislators throughout this process. Once the bill passes the Senate, our work will transition to the House.
Stay tuned for updates and calls to action. As always, we will need Northwest credit unions’ enthusiastic engagement to ensure the bill’s success.