On Tuesday, the U.S. House of Representatives voted on and passed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. This is a great victory for credit unions, as it will provide regulatory relief to Main Street financial institutions including credit unions and community banks while maintaining regulations for Wall Street.
Today’s victory means the process of getting mortgage loans from credit unions will be simpler and more straightforward for consumers. It will adjust thresholds that ensure lending regulations intended to reign in Wall Street banks do the job without overburdening credit unions. It changes how credit unions designate certain apartment loans, freeing up capital for additional small business lending, and it provides important safeguards against elder abuse, giving greater protections to some of the most vulnerable consumers of financial services.
Just over two months ago, the U.S. Senate passed this bill and now today’s actions will send this much needed, common sense regulatory reform measure to the desk of President Trump, who is expected to sign it fairly quickly.
Thank you to all who took part in our grassroots efforts on this legislation. We should all be proud of this victory!