Next Steps for the Economic Growth, Regulatory Relief, and Consumer Protection Act

3/20/18

If the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) is signed into law, it could be the most helpful legislation for credit unions since the Credit Union Membership Access Act passed in 1998.

An important step was taken last week when the legislation passed in the Senate. Credit union advocates are now focused on messaging the Act to the U.S. House of Representatives.

Make Your Voice Heard

“The Easter Recess March 23-April 9 presents a wonderful opportunity for your Representatives to hear from you and from your members,” said Samantha Beeler, AVP, Advocacy for the Northwest Credit Union Association (NWCUA). “Call their local offices, invite them to one of your branches, tag special messages to them through social media, and take action in just minutes through the Campaign for Common-Sense Regulation website.

Beeler thanked Northwest credit unions for exemplary messaging to U.S. Senators prior to the vote on S. 2155. She noted many leveraged turnkey resources such as the CUNA Member Activation Program (MAP) and The Employee Activation Movement (TEAM) training offered by NWCUA.

The Dodd Frank legislation of 2010 ushered in much-needed regulatory controls for Wall Street banks whose behavior is partly responsible for the recession, but painted credit unions and community banks with the same brush.

2155 includes many key provisions to right-size regulations for credit unions and community banks. It will process mortgage loans sooner, protect seniors from elder abuse scams, and increase the availability of affordable rental housing in communities.

Specific Impact in Your State

“Representatives want to hear from voters who live and work in their districts,” Beeler said. “When you can tell those stories and provide specific examples of how your credit union will better serve the members if this legislation passes, you’ll get their attention.”

Beeler shared examples of how the Economic Growth, Regulatory Relief, and Consumer Protection Act will improve credit unions’ ability to focus more on members and less on red tape. For example:

  • The regulatory burden cost Idaho’s credit unions a whopping $41 million per year. This act will eliminate many unnecessary compliance steps for credit unions, while still providing protection for consumers.
  • In Oregon, 51 credit unions are spending too much time processing paperwork for members who are qualified for mortgage and home equity loans. The legislation would reduce their aggregate paperwork burden by 750 hours.
  • Washington consumers could see their home loans processed faster. The Act will provide an estimated 56 credit unions with reporting relief on second mortgages, and 17 credit unions with reporting relief on home equity loans.

Editor’s note: Credit union advocates can find rich resources to message S. 2155, on the Campaign for Common-Sense Regulation website. https://www.cuna.org/commonsensereg/

Posted in Advocacy News.