Published on 03-02-2018
Recently, a group of bipartisan group of Senators released the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, that would provide regulatory relief to Main Street financial institutions including credit unions and community banks while maintaining regulations for Wall Street.
If the bill is enacted, it would mean the process for getting mortgage loans from credit unions will be easier and more straightforward for consumers. It would adjust thresholds that ensure lending regulations intended to reign in Wall Street banks do the job without overburdening Main Street credit unions and small banks. It would change how credit unions designate certain apartment loans, freeing up capital for additional small business lending, and it would provide important safeguards against elder abuse, giving greater protections to some of the most vulnerable consumers of financial services.