ABA, Financial Groups Urge Swift Action on Bipartisan Regulatory Bill

The American Bankers Association — joined by the Independent Community Bankers of America, the Credit Union National Association and the National Association of Federally Insured Credit Unions — today urged Senate leaders to bring the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to the floor soon. The bill has 24 co-sponsors — including 12 Republicans, 11 Democrats and one independent who caucuses with Democrats — and is thus expected to be able to clear procedural hurdles when it reaches the floor.

“S. 2155 is a carefully crafted bipartisan bill that includes commonsense improvements to the nation’s financial rules that will allow community banks and credit unions to better serve their customers and communities,” the groups said. “It will open doors for more creditworthy borrowers and businesses, and it will contribute to local economic growth and job creation nationwide.”

The groups also saluted Senate Banking Committee Chairman Mike Crapo (R-Idaho) and the four Democratic members of the committee — Sens. Joe Donnelly (Ind.), Heidi Heitkamp (N.D.), Jon Tester (Mont.) and Mark Warner (Va.) — who negotiated the bipartisan compromise, noting that the bill is “a shining example of how our elected leaders can advance necessary solutions by working together and across the aisle.” ABA continues to urge bankers to take grassroots action to advance S. 2155.