The Credit Union National Association (CUNA) and the Independent Community Bankers of America® (ICBA) today in a joint letter to House Speaker Paul Ryan and Democratic Leader Nancy Pelosi and other House leadership requested timely floor consideration for the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).
Led by Banking Committee Chairman Mike Crapo, the bipartisan bill passed the Senate 67-31 in March. In today’s letter, CUNA President and CEO Jim Nussle and ICBA President and CEO Camden R. Fine asked the House to take up and pass the bill because its provisions largely reflect House legislation.
“Years of deliberation, hearings, markups, and floor votes in the House inspired and prompted the Senate to craft and consider S. 2155,” they wrote. “This is effectively a bicameral bill; the House deserves as much credit for S. 2155 as the Senate. As this letter demonstrates, S. 2155 is a rare instance of agreement between our two trade associations. While we have our policy differences, expeditious enactment of S. 2155 is imperative for the industries we represent.”
In addition, CUNA and ICBA highlight common-sense provisions in the bill, such as automatic “qualified mortgage” status for portfolio mortgages at small-asset institutions, TILA-RESPA Integrated Disclosure (TRID) relief, and an exemption from new HMDA reporting for certain low-volume lenders.
“Taken together, the provisions of S. 2155 would create tiered regulatory relief for community financial institutions, allowing them to dedicate more resources to serving agricultural and Main Street customers,” the organizations wrote. “The bill would also deter industry consolidation and thereby promote a healthy and robust financial services marketplace to the benefit of individual customers and small businesses across the nation.”
For the full letter, click here.