NWCUA, Bank Trades Collaborate to Ask Congress for Regulatory Relief

Joint letters to Congressional representatives call for support of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

4/3/18

US CapitalNorthwest Credit Union Association (NWCUA) President and CEO Troy Stang was joined by leaders of four regional banking trade associations in sending letters to all Idaho, Oregon, and Washington Congressional Representatives, asking for support of regulatory relief legislation.

The Economic Growth, Regulatory Relief, and Consumer Protection Act–S.2155—passed in the U.S. Senate March 14, with support from Senators representing both sides of aisle. In similar fashion, the region’s financial services trade groups are working together to support the legislation as it moves to the House.

Stang and Idaho Bankers Association (IBA) President and CEO Trent Wright wrote to Idaho’s Congressional Representatives, “At a time of frequent congressional gridlock in Washington, this bipartisan legislation is a shining example of how our elected leaders can advance necessary solutions by working together and across the aisle. We are confident that you will agree enacting S. 2155 offers an opportunity to demonstrate to the citizens of Idaho how Congress can work in unison when presented with beneficial and reasonable reforms to create and enhance economic growth.”

In a letter to Oregon’s Members of Congress, Stang and Oregon Bankers Association (OBA) President and CEO Linda Navarro wrote, “The bill will help Oregon’s community banks and credit unions better serve our customers and communities by opening doors for more creditworthy borrowers and businesses. This in turn will contribute to economic growth in Oregon and nationwide.”

Stang and Navarro assured lawmakers the legislation is not a rollback of the Dodd-Frank Act as some ill-informed opponents have claimed.  “It is instead a bill that is vital to Oregon’s consumers, small businesses, and the community-based financial institutions that serve them. In addition, this bill includes important consumer protections like the Senior Safe Act.”

Stang’s co-authors of letters sent to Washington’s Members of Congress included Washington Bankers Association(WBA) President and CEO Glen Simecek, and Community Bankers of Washington (CBW) President and Executive Director John Collins.

The trio agreed the bill “truly is a measured approach to regulatory relief for the nation’s community-based financial institutions.”

“This bill is vital to Washington’s consumers, small businesses, and the community-based financial institutions that serve them,” said Stang, Simecek, and Collins.

The letters to Congress applauded the work of Idaho Senator Mike Crapo and other legislative champions for their bipartisan work to “advance necessary and common-sense legislation.”  The letters ask all Northwest Members of Congress for an “aye” vote when the bill is considered in the House.

Editor’s note: Congress continues its Easter Recess until April 10. Advocates are urged to contact their representatives’ local offices during the recess to ask for support of S. 2155, and to send an electronic ask for support by logging on here: http://www.commonsenseregulations.com/take-action/