This week, the Senate could do something we haven’t seen in the nation’s capital in a long time. The Senate will have the chance to show that bipartisanship is alive and well, and that Congress can get things done for the American people when lawmakers of good faith work together for the common good.
U.S. Sens. Tim Kaine and Mark Warner are working to advance a bill that seeks to ease regulatory burden. It’s one of the most bipartisan pieces of legislation we’ve seen in a long time, and if it becomes law, it will help rejuvenate communities throughout Virginia that the economic recovery has left behind.
In a unified show of support for legislation that will right size regulation for credit unions, the Northwest Credit Union Association (NWCUA) and Nampa, ID-based Northwest Christian Credit Union joined Sen. Mike Crapo (R -ID) at a Boise news conference Feb.20 in support of S. 2155. The Idaho Bankers Association (IBA) represented community banks at the event as well.
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.