S 2155 is Right for Montana’s Main Street Credit UnionsMarch 21, 2023 10:48 am
March 21, 2023
In Montana, credit unions help our communities thrive and our small businesses grow. In addition to providing financial accounts, loans, and mortgages to 464,865 members in Montana, credit unions work for the sustainable development of communities, valuing people over profit and treating community values as their own. Montanans rely on access to local credit and capital, and they prefer to be served by their neighbors.
But our local financial cooperatives are once again facing challenges brought on by Washington bureaucrats who want to repeal S 2155 – also called the Economic Growth, Regulatory Relief, and Consumer Protection Act. This bi-partisan act passed in 2018 and allowed for a more customized regulatory climate that provided credit unions – the original consumer protectors – opportunities to serve their consumers more efficiently. Most importantly, the act strengthened consumer protections for student borrowers, seniors, veterans, and victims of identity theft – some of the most vulnerable members of our population.
Fortunately, both Senators Jon Tester and Steve Daines went to bat for Main Street in 2018. Senator Tester deserves our gratitude for his leadership in crafting this tailored legislation, and Senator Daines supported the measure on the Senate floor. They understood the need for relief for Main Street institutions in Montana.
Now certain members of congress want to repeal S 2155 – imposing burdensome red tape intended for Wall Street big banks onto Main Street credit unions in Montana. Our credit unions are not like Wall Street banks. Credit unions are locally-run financial cooperatives run by volunteer boards made of community members – neighbors, friends, and small business owners. Our success is measured in the financial success of our members.
Montana’s Credit Unions’ President/CEO Tracie Kenyon said, “Our credit unions appreciate S 2155 because it means less time and resources tied up in reporting data and more time and resources for member service and consumer-friendly products and services.”
One-size-fits-all policies too often do not work for rural Montana, which is why it is so important your let your delegation know that Montana credit unions can best continue to serve their local communities with the Economic Growth, Regulatory Relief, and Consumer Protection Act.
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