Tell Senators Menendez & Booker to Support Common Sense Regulatory Relief Bill
in Political & Legislative
By: Chris Abeel, Vice President, Corporate & Governmental Affairs

So it looks like 2018 is off to a fast start!

Today we issued our first Call to Action for the New Year in an effort to advance a regulatory relief bill in the U.S. Senate as early as possible in 2018.

The Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) was reported favorably from the Senate Banking Committee in December. The bi-partisan legislation includes several provisions that would improve the operating environment for credit unions and enhance their ability to better serve their members.

Among other things, the legislation provides credit unions parity with banks by reclassifying 1-4 unit, non-owner occupied residential property loans, affords relief of QM rule requirements for certain lenders, and changes to HMDA’s reporting threshold requirement.

We’re urging credit union professionals, volunteers, and members to use CUNA’s Grassroots Action Center to encourage Senator Robert Menendez (D-NJ) and Senator Cory Booker (D-NJ) to support the legislation. If this is your first time using the grassroots Web site, you’ll need to type in your address information to display the correct message. But don’t worry, it won’t let you send the wrong email!

Successfully protecting the credit union tax status during tax reform is proof positive that when credit unions mobilize good things happen. We’ve gained some significant traction on the regulatory relief front and need to maintain that momentum.