Economic Growth, Regulatory Relief and Consumer Protection Act Advances Through Senate Banking Committee

12/12/17

Following a day-long markup session, the Senate Banking Committee advanced the bipartisan “Economic Growth, Regulatory Relief and Consumer Protection Act,” S. 2155, on Dec. 5. The bill passed through the committee with the support of 16 members from both sides of the aisle.

The legislation advances several priorities for credit unions, including S. 836, commonly known as “1 to 4,” which was introduced by Senator Wyden (D-OR). It also includes relief for additional HMDA reporting and the Qualified Mortgage rule. In addition, the bill provides protections for credit union employees who report suspected financial elder abuse, as well as protections for PACE loan issues.

“Northwest credit unions’ grassroots efforts have played a key role in moving this legislation forward,” said Samantha Beeler, the Northwest Credit Union Association’s AVP, Advocacy. “We need to continue to show our support for S. 2155 as it makes its way through the process, and work with our credit union colleagues across the country to secure additional bipartisan support.”

The markup showcased the leadership of Chairman Crapo (R-ID), who was able to build a strong bipartisan coalition on this legislation.

“The reforms in this bipartisan bill help tailor the current regulatory landscape, while ensuring safety and soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy,” Crapo said to the committee.

A manager’s amendment was the only change adopted during the markup. This included an additional provision requiring the NCUA to hold an annual open business meeting to discuss their budget with key stakeholders.

The next steps for the bill will be a debate and a vote on the Senate floor.

Thank you for your efforts to strengthen our grassroots support for this legislation. To bring this bill across the finish line, we will continue to count on your collaboration and readiness to mobilize.

Questions about how to get involved in credit union advocacy? Contact Samantha Beeler at sbeeler@nwcua.org.

Posted in Advocacy News.