Support S. 2155 and help NJ grow


Make text smaller Make text larger





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.

David Frankil

President and CEO of the New Jersey Credit Union League



Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Gottheimer honors district’s highest ranking Scouts
U.S. Rep. Josh Gottheimer, D-5, stopped by Our Lady Queen of Peace School in West Milford on Saturday to honor Scouts in his district that have obtained their respective...
Read more »
Image

Squires select retreat with most impact
When the New Jersey State Squires were determining a location to hold their annual retreat, the group consensus was to hold it in a place where they could conduct a meaningful...
Read more »
Image

June 24 Cut-A-Thon benefits local high schooler
To help pay the medical bills of Newton High School junior Maria Fiore, The Scissor Joint will partner with other salons in hosting a Cut-A-Thon on Monday, June 24 from 2-6 p.m.
Read more »
Image

Sparta High School Class of 2019
Members of the Class of 2019 received their diplomas on Friday evening, June 21, 2019, at the 59th commencement of Sparta High School. The ceremony took place in the Sparta High...
Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST READ

Local News
Squires select retreat with most impact
  • Jun 22, 2019
Local News
Sparta High School Class of 2019
  • Jun 21, 2019
Local News
Sparta Summer Learning opens June 24
  • Jun 20, 2019

MOST COMMENTED



Find more about Weather in Sparta, NJ