Support S. 2155 and help NJ grow
In New Jersey, credit unions and small banks help our communities thrive and our small businesses grow. When credit got tight during the downturn, we were there as primary lenders, and we’re still the ones our communities turn to when they need mortgages and auto loans.
But small, local financial institutions are getting hammered by regulations designed for the far bigger firms that caused the financial meltdown. What is needed for Bank of America or Wells Fargo has little relevance to a credit union with one or two branches, with tellers who greet their members by their first name.
That's why more than 20 Senators from both sides of the aisle have put together a common-sense piece of legislation (S. 2155, The Economic Growth, Regulatory Relief, and Consumer Protection Act) that would allow credit unions and small banks to better serve consumers, while retaining tough protections on larger banks.
Provisions in this bill address some of the key economic issues facing New Jersey. It would -
• Make mortgage lending easier and free up capital for small businesses
• Grant credit unions parity with banks on certain types of apartment loans, helping investors provide low-income housing in underserved areas
• Help to protect seniors vulnerable to elder financial abuse
This bill is the farthest thing from the “gift to Wall Street” some opponents claim it is. Nothing in it helps the big banks. Nothing in this bill takes away important consumer protections put in place due to the actions of Wall Street and other bad actors.
We would urge Senator Menendez and Senator Booker to help New Jersey grow and support S. 2155 when it comes up for a vote.
President and CEO of the New Jersey Credit Union League