Dear Congress: Rip the red tape off regulations hurting Main Street consumers
May 11, 2018
Regulation appropriately intended to stop the bad behaviors of Wall Street banks is handcuffing local credit unions — limiting their ability to make home and small business loans, report fraud against seniors and more. Keep in mind that credit unions did not cause the recession that created the need for this regulation — they have always been the champions of consumers.
Let’s fix that regulatory overreach by getting the U.S. House of Representatives to pass the Economic Growth, Regulatory Relief, and Consumer Protection Act — S.2155. U.S. Sen. Mike Crapo introduced this bill, so your credit union, my credit union, and your local community banks can provide more services to you while still requiring tougher regulations for Wall Street. U.S. Sen. Jim Risch voted in favor of the bill, and it passed the Senate with support from both Republicans and Democrats — because it makes sense for Main Street. Congressmen Mike Simpson and Raul Labrador pledged their support for this legislation. Now we need to get their 433 colleagues in the House on board.