S 2155 offers real tangible benefits to credit unions, members
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.
Some have pushed back on the bill, calling it another Wall Street bailout. These reactions could not be more off base, as the modest changes proposed in this bill don’t do anything for the big banks. The changes will allow credit unions and other community financial institutions to more efficiently serve consumers with the products they need.