Sen. Crapo Continues to Pursue Bipartisan Support for Financial Legislation in 2019

Idaho Senator Mike Crapo, the sponsor of the historic S. 2155, discusses “must-pass” legislation for this session with NWCUA.

Sen. Crapo speaking behind podium
Following passage of S. 2155 in 2018, Sen. Mike Crapo discusses the legislation with national media.

1/22/2019

As Chair of the Senate Banking Committee, Idaho Senator Mike Crapo remains focused on a full agenda in 2019 – a politically divided Congress and federal government shutdown notwithstanding.

Crapo sponsored the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which passed with historic bipartisan support last year. It was a “pinnacle achievement,” Crapo said, made possible with “the help and advocacy of the Northwest Credit Union Association, its members, and the leadership of (NWCUA President and CEO) Troy Stang.”

Northwest advocates fought hard for the bill because it includes many provisions that help credit unions provide affordable credit and meaningful services to consumers, including:

  • Amendments to Dodd-Frank that lift unnecessary red tape for credit unions;
  • Reclassification of loans on non-owner-occupied rentals of 1-4 units from member business loans to real estate loans; and
  • Protection for credit union employees who report suspected elder financial abuse.

“These changes will better enable institutions to support local communities by directing resources toward what they do best – approving mortgages, lending to small businesses, and providing credit to families in their communities,” Sen. Crapo said.

During the inaugural week of the 116th Congress, Samantha Beeler, the Northwest Credit Union Association’s Vice President of Advocacy, met with the Senate Banking Committee Staff to discuss implementation of S. 2155 and priority issues in 2019.

“We are very encouraged to continue working closely with Sen. Crapo,” Beeler said. “We are working on many key issues and his ability to put politics aside to stay focused on Main Street is so critical to passing legislation in the current climate.”

As proud as Sen. Crapo is of the landmark banking legislation passed last year, he notes there is always more to be done.

“There are several pieces of must-pass legislation that we will be working on, but we will also be focused on finding bipartisan solutions to further reduce regulatory burdens, encourage economic growth, and fix our housing finance system,” Sen. Crapo told Anthem. “I look forward to working with members of the committee in both chambers, on both sides of the aisle in the 116th Congress to deliver further results for our country and for all of Idaho’s communities.”

Editor’s note: Your Association’s advocacy team and a delegation of more than 200 Northwest credit union advocates will have the opportunity to meet personally with their Members of Congress and U.S. Senators during the Credit Union National Association’s Governmental Affairs Conference March 10-14.