Cummins: Economic Growth bill offers ‘real, tangible benefits’
Friday, December 22, 2017
CUNA News Now (December 22, 2017) - S. 2155, The Economic Growth, Regulatory Reform and Consumer Protection Act, "will help to push back against a regulatory climate that treats the biggest banks the same as community credit unions, and allow credit unions to do what they do best: serve their communities,” wrote Mark Cummins, president/CEO of the Minnesota Credit Union Network, in a letter to the editor that appeared in the Pioneer Press this week.
“In an age of hyperbole, blanket statements and overwhelmingly partisan rhetoric, this bill is a welcome, cooperative and nuanced approach to regulatory reform that will bring real, tangible benefits,” Cummins continued.
Cummins asked Sen. Amy Klobuchar for her support because "Senators around the country from both parties have already put differences aside to introduce this bill and make a strong statement that it’s time to get rid of the rigged system that threatens families and puts credit unions and small banks out business." The bill has many benefits for credit unions, including:
- Make the process of getting a mortgage loan from a credit union easier, making home ownership a more achievable goal for 1.7 million Minnesota credit union members.
- Make common-sense adjustments to thresholds, freeing up resources while holding Wall Street accountable to federal regulators.
- Change the designation to certain types of real estate loans, which will free up capital and allow local credit unions to lend out to small businesses. This brings much-needed support to Main Street Minnesota.