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Senate Approves Regulatory Relief Bill

Thu, Mar 15, 2018

The U.S. Senate passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) by a final vote of 67-31.

The final bill includes provisions to ease the regulatory burden for credit unions such as reclassifying certain loans for rental properties as residential, freeing up credit unions to lend more to small businesses. The bill also raises the Home Mortgage Disclosure Act reporting thresholds to 500 closed-end and open-end loans in a calendar year, which means less time and resources tied up in reporting data and more time and resources for member service.

A delegation of Maryland credit union representatives met with Senators Ben Cardin and Chris Van Hollen during our recent Hike the Hill on February 28th. During our visits both Senators offered their continued support of our Tax Exemption and the credit union provisions in SB 2155. However, there were other provisions that they felt went too far in benefiting institutions that created the crisis which is why they couldn’t support the bill as presented.

The bill now moves to the House of Representatives for consideration.