Last month, The Economic Growth, Regulatory Reform and Consumer Protection Act was advanced in the U.S. Senate with strong bipartisan support. This common-sense legislation will go a long way toward giving community financial institutions some needed relief from rules put in place to curb practices that credit unions and community financial institutions never engaged in. This legislation will help to push back against a regulatory climate that treats the biggest banks the same as community credit unions.
In October, Senate leaders made a strategic decision: they would not try to use the budget reconciliation process to repeal parts of Dodd-Frank, lest it sink tax reform. Now that tax reform is over, however, financial regulatory reform is back on the table.
I hope our Minnesota senators follow the example of some of their colleagues and lend support to the bipartisan regulatory relief bill known as the Economic Growth, Regulatory Relief and Consumer Protection Act (S2155), which was unveiled earlier this month.
As one of the authors of the Economic Growth, Regulatory Relief and Consumer Protection Act, Sen. Tester has put politics aside for the good of his constituents and declared that one-size-fits-all regulations aren’t helping community-based financial institutions and they certainly aren’t helping consumers.
At South Carolina Federal Credit Union, we have the privilege to serve as the primary lender and financial service provider to many of these small businesses and share firsthand in their challenges and successes.