NWCUA Ignites Support for S.2155 in D.C.

5/1/18

In a flurry of activity in the nation’s capitol, House leadership is moving the Economic Growth, Regulatory Relief, and Consumer Protection Act, S.2155, closer to a vote. Your Association’s advocacy team has been in the thick of the activity, pushing for support of this landmark legislation.

Last week, the NWCUA team met in Washington, D.C. with Northwest Members of Congress, asking for their votes. The measure, introduced by Sen. Mike Crapo (R-ID) already passed through the Senate with bipartisan support.

“We are hoping that this bill will remain bipartisan in the House,” said Samantha Beeler, AVP, Advocacy. “Now is the time for credit union advocates to raise their voice and get involved.”

Examples of impacts the bill will have in each NWCUA membership state can be found in this previous Anthem article. An example of how a Northwest credit union engaged its members in supporting S. 2155 can be found here.

A vote on the bill could be imminent, Beeler noted, and added that strong support is expected from Northwest Congressional Representatives.

S. 2155 Includes important provisions for credit unions, such as the Credit Union Residential Loan Parity Act, S. 836, which was introduced by Sen. Ron Wyden (D-OR). That piece of the legislation correctly classifies loans on non-owner-occupied rentals with 1-4 units, as real estate loans. Such loans now count against credit unions’ Member Business Loans limit. The bill, if passed, will free up more capital for loans to businesses on Main Street. The bill also removes some unnecessary red tape from the Home Mortgage Disclosure Act (HMDA) requirements, Beeler said.

Editor’s note: Credit union advocates are encouraged to join the NWCUA advocacy team for the Spring Hike the Hill May 23-24, an opportunity to meet personally with their elected representatives in Washington, D. C. Registration is open online.

Posted in Advocacy News.