Alternative reg. relief bill may be introduced today

capitolThe League is hearing that Senate Banking Committee Democrats are expected to introduce an alternative reg relief bill to Sen. Shelby’s. This comes as credit unions and bankers are strongly urging the U.S. Senate Banking Committee to find bipartisan agreement on reg relief.

The much anticipated reg relief bill markup scheduled for this week could have a twist. The League is hearing that Senate Banking Committee Democrats are planning to introduce an alternative bill to Senate Banking Committee Chairman Richard Shelby’s (R-AL). It’s expected to be a more stripped down version of Sen. Shelby’s bill. Sen. Shelby has been working on a few democratic members of the committee to support his bill. This could push a markup on the reg relief bills past Memorial Day.

This new twist comes as credit unions and bankers are coming together to strongly urge the U.S. Senate Banking Committee to find bipartisan agreement and congressional action to provide regulatory relief for financial institutions.

CUNA, the National Association of Federal Credit Unions, the American Bankers Association, and the Independent Community Bankers of America underscored:

  • Nearly 14,000 financial institutions of all charter types are struggling with an onerous and growing regulatory burden.
  • It is suffocating their true potential to spur economic growth, create jobs, help consumers purchase a home, and benefit members or customers by helping to meet their financial goals.
  • The U.S. Congress must act in a bipartisan manner to address the “real-word” issues faced by credit unions and banks.

The letter notes that a regulatory relief package unveiled this week by Sens. Richard Shelby (R-AL), chair of the banking panel, and Sherrod Brown (D-OH), its ranking member, “is an important step” to addressing the regulatory barriers that stymie credit unions and banks from “more fully serving the diverse financial needs of the American consumer.”

Each member of the Senate Banking Committee was copied on the joint trade group letter. It concluded: “We stand ready to work with you and members of the committee from both sides of the aisle with the goal of developing a product that provides meaningful, bipartisan relief.”