U.S. Senate to Proceed with Debate on S. 2155
This week, the Senate voted 67–32 in favor of proceeding debate of S. 2155, a bipartisan bill that aims to provide much needed regulatory relief and roll back several Dodd-Frank regulations that have stood between credit unions and consumers since its implementation in 2010.
Among senators who voted to move forward with the regulatory relief legislation are Sens. Gary Peters and Debbie Stabenow. Peters is also a co-sponsor of the S. 2155.
The bill includes a credit union-specific provision that would change how certain types of real estate loans are classified while freeing up additional capital for small business members. It also offers mortgage relief by treating loans held in portfolios by certain lenders as Qualified Mortgages, while raising Home Mortgage Disclosure Act (HMDA) reporting thresholds. Additionally, it allows more efficient disclosures of available discounts from lenders to potential homebuyers.
In a letter sent earlier this week, CUNA CEO Jim Nussle expressed his strong support for S. 2155, saying, “We applaud the good faith effort to craft common-sense regulatory reform legislation. S. 2155 is the result of months of deliberate bipartisan negotiations and contains several provisions supported by America’s credit unions.”
"By streamlining regulations, it will bring relief to the small financial institutions who have been hurt by Dodd-Frank’s one-size-fits-all approach,” said Senate Majority Leader Mitch McConnell (R-Ky).
The bill was written by Senate Banking Committee Chairman Mike Crapo (R-ID) with significant input from a coalition of Democrats on the committee, including co-sponsor Gary Peters (D-MI). Currently, 13 Democrats and 12 Republicans are officially listed as co-sponsors of the bill.Go to main navigation