Minn. CU CEO touts bipartisan Senate reg relief bill
Friday, January 12, 2018
CUNA News Now (January 12, 2018) - The Senate’s bipartisan regulatory relief bill offers real, tangible benefits to credit unions and their members, writes Charles Albrecht, CEO of Mid-Minnesota FCU, Baxter, Minn. In an op-ed appearing in the Brainerd Dispatch, Albrecht explains how the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) represents bipartisan rulemaking at its finest.
“This common-sense legislation will go a long way toward giving community financial institutions some needed relief from rules put in place to curb practices that credit unions and community financial institutions never engaged in. This legislation will help to push back against a regulatory climate that treats the biggest banks the same as community credit unions,” he writes. “Some have pushed back on the bill, calling it another Wall Street bailout. These reactions could not be more off base, as the modest changes proposed in this bill don't do anything for the big banks. The changes will allow credit unions and other community financial institutions to more efficiently serve consumers with the products they need.”
Albrecht notes that the bill would, among other things:
- Make the process of getting a mortgage loan from a credit union easier, making homeownership 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; and
- 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.
He also adds the bill wouldn’t loosen consumer protections or make any changes to the Consumer Financial Protection Bureau (CFPB).
CUNA strongly supports S. 2155, which passed the Senate Banking Committee in December. CUNA and all 38 state leagues wrote to Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Chuck Schumer (D-N.Y.) this week to urge Senate floor consideration.