House Passes Main Street Capital Access Act
By CU Today Staff —
WASHINGTON--The House voted Tuesday 270-155-1 to advance the Main Street Capital Access Act (H.R. 6955), America's Credit Unions reported.
The bill contains a number of regulatory relief provisions benefitting both credit unions and banks, along with a number of bank-specific measures.
America’s Credit Unions and the Defense Credit Union Council have expressed support for the bill while calling for additional credit union relief in individual letters to to House leaders this week.
The bill contains provisions that address credit union modernization, relief, tailoring, and flexibility.
"Community financial institutions have endured a regulatory onslaught that has resulted in closures and reduced services for Americans. Credit unions thank House Financial Services Committee Chairman French Hill and Financial Institutions Subcommittee Chairman Andy Barr for their leadership in tackling regulatory modernization for community financial institutions," said America's Credit Union Chief Advocacy Officer Kathleen Coulombe. "This legislation is a positive first step towards right-sizing regulations, and America’s Credit Unions looks forward to continued collaboration with lawmakers to advance policy priorities that support credit unions and their members. We remain steadfast in our advocacy to ensure credit unions have the specific relief and tools they need to serve their 146 million members and reach more communities."
Prior to the House vote, America’s Credit Unions emphasized additional legislation that would provide credit unions additional needed relief if added to the bill. Those include updating credit union loan maturities, easing access to the Federal Home Bank System, providing additional capital to veteran-owned businesses, and raising the threshold for loans that count as credit union business loans.
Originally reported by CU Today.