Members urged to contact Congress; approve Senate Bill 2155
Credit unions, like SAFE, are not-for-profit and exist solely to serve our members – and the communities in which those members live, work, and play. Unfortunately, credit unions across the country are increasingly challenged by complicated and excessive regulations tailored for the big banks of Wall Street, not the member-owned financial cooperatives on Main Street.
SAFE firmly believes that, should these regulations continue to go unchecked, members will lose out. In fact, compliance with these regulations costs credit unions approximately $7.2 billion every year – more than $71 per member.* That cost, in turn, increases rates and fees, lengthens loan processing times, and decreases an organization’s ability to provide top-notch member service. But we have an opportunity to change that.
A bipartisan group of U.S. Senators recently introduced Senate Bill 2155, The Economic Growth, Regulatory Relief, and Consumer Protection Act. According to the Credit Union National Association (CUNA), if the bill is enacted, the “process for getting mortgage loans from credit unions will be easier and more straightforward for [members]. 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 [financial] elder abuse.”
To bring more awareness to SB 2155, and to curtail excessive regulations that are hindering credit unions nationwide, the Campaign for Common-Sense Regulation was formed. SAFE is a strong advocate of this campaign and all common sense regulatory reform that ensures credit unions can better support their members. With that in mind, we hope that you, our members, are interested in learning more and – more importantly – are ready to take action.
Please visit the campaign website (developed by CUNA) to learn how passing Senate Bill 2155 could positively impact you, and the credit union industry as a whole. Once you’re feeling inspired, we invite you to click on the “Take Action” button at the top of the webpage. From there, use the conveniently provided tools to call, email, or tweet your representatives, letting them know you actively support SB 2155.
Together, we can send a strong message that it’s time for Congress to start working together – for us.
*Regulatory Burden Financial Impact Study , CUNA