Rallying Support for S.2155, Michigan Credit Unions and Community Bankers Make Joint Visit to D.C.
Last week, Michigan Credit Union League president/COO Ken Ross, and Michigan Bankers Association president/CEO Rann Paynter, traveled to Washington, D.C. to urge members of the Michigan House delegation to pass the common-sense regulatory reform bill now in their chamber.
Ross and Paynter met with Representatives or staff from most of the Congressional delegation, as well as Senator Stabenow, during which they explained that with less burdensome regulations standing between financial institutions and consumers, Michigan’s credit unions and community banks can focus on serving the public and providing capital for community development.
Ross and Paynter’s visit to Washington, D.C. underscores the importance of S.2155’s passage. “Regulatory reform for community-based financial institutions is so critical to Michigan credit unions and banks that we locked arm-in-arm and brought a unified message to our elected officials,” Ross said. “We have the chance for bipartisan reform designed to help smaller institutions to get to the president’s desk and all hands are on deck to get this passed.”
Ross and Paynter’s Hill visit follows a joint letter to congress drafted by the Michigan Credit Union League, the Michigan Bankers Association and the Community Bankers of Michigan. “
Regulatory relief for community-based institutions stands to greatly benefit Michigan credit unions, and now at nearly 5.3 million members strong, more than half of all Michiganders are credit union members.
“In Michigan, it’s estimated that regulatory burden costs the state’s 231 credit unions a total of $286 million annually,” Ross continued. “That’s $286 million, every year, that should be circulating in the Michigan economy.”Go to main navigation