Michigan Banks and Credit Unions Come Together in Support of Regulatory Reform
While Michigan’s community-based financial institutions scored a victory with the U.S. Senate’s passing of S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, securing passage in the U.S. House of Representatives is the next critical step for Michigan residents and job providers ready to enjoy the benefits of increased lending and investments.
In a joint letter issued today to the entire Michigan Congressional Delegation, the Community Bankers of Michigan (CBM), the Michigan Bankers Association (MBA) and the Michigan Credit Union League (MCUL), urged the House to pass the commonsense regulatory reform bill so that Michigan’s 356 financial institutions can focus on serving consumers rather than on regulatory compliance that does little to provide meaningful consumer protection.
As passed by the Senate, the Economic Growth, Regulatory Relief, and Consumer Protection Act provides regulatory relief for smaller financial institutions such as credit unions and community banks. As outlined in the CBM, MBA and MCUL’s joint letter, the bill would positively impact Michigan’s consumers and communities by giving smaller lenders greater flexibility in mortgage lending, increase access to capital, reduce burdensome reporting requirements and provide protections for reporting suspected elder abuse.
“The House has consistently supported common sense regulatory relief for community banks and credit unions. We hope they will vote for the House version of S.2155 to make borrowing, saving and investing easier for consumers, small business owners and farm families,” stated Mike Tierney, President and CEO of CBM.
MBA President & CEO Rann Paynter stated, “On behalf of the financial institutions across the state, we urge the House to pass the commonsense reforms in S.2155 allowing our members to better serve our customers and communities.”
“The bipartisan regulatory relief found in S.2155 is desperately needed by Michigan’s community-based financial institutions and we strongly urge the House to pass this legislation,” said Ken Ross, MCUL President & COO.Go to main navigation