CUNA: S. 2155 ‘Perfect Example of Common-Sense Regulation’
Nussle says the bill removes barriers to consumer access to safe, affordable financial products while preserving critical consumer financial protections.
President Donald Trump’s signature on the Economic Growth, Regulatory Relief and Consumer Protection Act is the culmination of a years-long process of advocacy on both sides of the aisle, a process that resulted in a historic win for credit unions and the 110 million Americans they serve.
This process began after the 2016 election, when CUNA saw that an administration and Congress under single-party control represented a chance to see real change enacted into law. So we launched the Campaign for Common-Sense Regulation, taking a 360-degree approach to getting past the biggest regulatory hurdles facing credit unions.
The name was carefully chosen, as we wanted to make it very clear: Credit unions are not against regulation. Rather, they stand against one-size-fits-all regulations that treat member-owned financial cooperatives the same as the biggest banks on Wall Street.
S. 2155 is a perfect example of that sort of common-sense regulation. Carefully crafted by leaders from both parties, the bill does nothing to remove important consumer protections put in place after the financial crisis.
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