CUs earn historic victory as House passes S. 2155 reg. relief bill (Source: CUNA)

“CUNA, state credit union leagues, credit unions and credit union members all deserve a major round of applause for getting this historic bill through Congress and onto the president’s desk,” said CUNA President/CEO Jim Nussle. “From the moment a group of bipartisan Senators unveiled this bill, credit unions told them loud and clear that this is an essential piece of regulatory relief legislation that will improve access to mortgage lending, real estate loans and other products and services, while putting focus on senior abuse and cyberthreats.


CUNA was heavily engaged with legislators throughout the process, meeting with Senators early this year as negotiations began.

More than 5,000 credit union leaders discussed the importance of the bill when meeting with their legislators during the CUNA Governmental Affairs Conference Hike the Hill meetings. Also during CUNA GAC, Nussle and the leaders of several credit unions met with Trump at the White House to discuss the bill.

As the bill went through the Senate, CUNA met with House members from both sides to talk about the importance of the bill, including meetings with conservative-leaning Democratic House members and writing to House leadership to push for consideration.

CUNA also engaged in an aggressive grassroots campaign that led to 45 million social media impressions, tens of thousands of messages sent to legislators and radio and digital ads in 39 states.

Credit unions used CUNA’s Member Activation Program to activate tens of thousands of members to support S. 2155. In addition, leagues representing at least 16 states joined with their state banking organizations to call on their state’s members of Congress to support the bill.

 Once signed into law, S. 2155 will:
  • Establish a safe harbor from certain requirements for a loan to be considered a Qualified Mortgage;
  • Rescind the additional data points required under the Home Mortgage Disclosure Act for insured credit unions that originate fewer than 500 closed-end and/or 500 open-end lines of credit;
  • Reclassify one-to-four unit, non-owner occupied residential loans as real estate loans, so the loan would not count against the member business lending cap;
  • Clarify that the same consumer protections in place with respect to mortgage lending are nonexistent for Property Assessed Clean Energy loans;
  • Remove the three-day wait period required for the combined TRID mortgage disclosure if a creditor extends to a consumer a second offer of credit with a lower annual percentage rate;
  • Require NCUA to make publicly available a draft of their proposed budget, hold a hearing with public notice during which this draft would be discussed and solicit and consider public comment about the draft budget;
  • Provide a safe harbor for properly trained financial employees who report alleged elder financial abuse; and
  • Require the U.S. Department of Treasury to conduct a study on the risks that cyber threats may pose to financial institutions.

CUNA wrote to House leadership after the vote Tuesday, thanking them for the vote and outlining the next steps in CUNA’s advocacy agenda.