The Senate voted Tuesday to proceed on S. 2155, a truly bipartisan bill that helps community financial institutions. S. 2155 contains a credit union-specific provision to reclassify certain types of real estate loans, freeing up to as much as $4 billion in capital that credit unions could offer in member business loans. It also offers mortgage relief by treating loans held in portfolios by certain lenders as Qualified Mortgages, while raising Home Mortgage Disclosure Act (HMDA) reporting thresholds. It also allows more efficient disclosures of available discounts from lenders to potential homebuyers.

After the vote, CUNA President/CEO Jim Nussle continued his call to action for credit unions to support the Senate’s bipartisan regulatory relief bill.

“CUNA, leagues, and credit unions have been advocating for common-sense regulation for over a year and today’s crucial vote in the Senate means we’re one step closer to relief for Main Street,” said Nussle. “Our voices helped get this bill to the floor, and now it’s time for Congress to fight for the 110 million Americans who depend on their credit union. S.2155 is bipartisan legislation that will protect seniors from elder abuse, make mortgage processing easier and quicker, increase affordable rental housing in our communities, and help credit unions provide better service to their members, common-sense solutions that will benefit consumers.”

Nussle continues to urge credit union members to contact their Senators to support S. 2155.