The New York Credit Union Association and CUNA are urging credit union advocates to help support the Economic Growth, Regulatory Relief and Consumer Protection Act.
The bipartisan bill (S.2155) would make the process for obtaining mortgage loans from credit unions easier and more straightforward for consumers. The Senate Banking Committee is expected to markup the bill tomorrow.
According to CUNA’s analysis:
The bill contains a credit union-specific regulatory relief provision that would exempt one-to-four unit, non-owner occupied residential loans from a credit union’s member business lending cap, freeing up to as much as $4 billion in additional capital credit unions could lend.
Other provision would also offer regulatory relief through changes to mortgage servicing and lending rules, help protect reporters of suspected senior abuse and require the Treasury to study cyber risks.
Credit union advocates can use CUNA’s Grassroots Action Center to contact Sens. Chuck Schumer and Kirsten Gillibrand and ask for support on the bill.