Reader's View: Credit unions can benefit from relief bill
Thursday, January 4, 2018
Duluth News Tribune (January 4, 2018) - I hope our Minnesota senators follow the example of some of their colleagues and lend support to the bipartisan regulatory relief bill known as the Economic Growth, Regulatory Relief and Consumer Protection Act (S2155), which was unveiled earlier this month.
The fact that so many senators worked so hard to cross party lines and introduce this legislation shows how badly this kind of relief is needed for main-street financial institutions such as credit unions.
Everyone has their personal political leanings, but the common-sense regulatory reforms here go well beyond petty political disputes and, if enacted, offer meaningful relief that will benefit consumers as a whole.
Do you know what's more important than a D or R after someone's name? It's a small business loan that infuses capital and jobs into a community. It's also an affordable mortgage that lets a consumer become a homeowner and build equity. This bill would accomplish that and not erode any of badly needed consumer protections.
The knee-jerk reactions calling this bill another Wall Street bailout are completely off-base. The modest changes proposed in this bill wouldn't do anything for the big banks. But they would allow credit unions and other community financial institutions to more efficiently serve consumers with the products they need.
Please be aware that the Wall Street banks were exempted from much of the regulation passed after the last recession. Credit Unions and local banks received significant amounts of additional regulation meanwhile — even though these institutions were not responsible for the activities that led to the recession. Credit unions and local banks have had to spend a lot of time and money to comply with these additional requirements.
Senators, on behalf of their constituents, can please take advantage of this opportunity to do some real, lasting good for Minnesota consumers.
The writer is president and CEO of Minnesota Power Employees Credit Union.