Opposition to S. 2155, the So-Called “Economic Growth, Regulatory Relief, and Consumer Protection Act”

The undersigned organizations write to express our opposition to S. 2155, the so-called “Economic Growth, Regulatory Relief, and Consumer Protection Act,” and urge you to oppose this harmful legislation. As you know, S. 2155 passed in the Senate on March 14th. The bill already contains destructive policies that roll back or eliminate essential protections put in place by the Dodd-Frank Wall Street Reform and Consumer Protection (Dodd-Frank) Act after unchecked reckless lending nearly destroyed the US economy. Although this bill seeks to protect smaller lenders while maintaining access to credit, it contains significant, harmful provisions that do not relate to small institutions and does not create a meaningful set of new protections for consumers from predatory and deceptive lender practices. Furthermore, this bill ultimately harms small and community banks. While there are dangerous provisions throughout this bill, we primarily limit our letter to address concerns in Title I of this legislation. We oppose this legislation in its current form and are very concerned about additional changes that would make the bill even more dangerous for consumers. If our concerns are not remedied, we will continue to oppose the bill. [Download the full letter

• Allied Progress
• Americans for Financial Reform
• Baltimore Neighborhoods, Inc.
• California Reinvestment Coalition
• Center for Responsible Lending
• Consumer Action
• Consumer Federation of America
• Demos
• Empire Justice Center
• Grounded Solutions Network
• Main Street Alliance
• NAACP
• National Association for Latino Community Asset Builders
• National Association of Consumer Advocates
• National Community Reinvestment Coalition
• National Consumer Law Center (on behalf of its low-income clients)
• National Consumers League
• National Fair Housing Alliance
• National Housing Law Project
• Prosperity Now
• Public Citizen
• Reinvestment Partners
• Tennessee Citizen Action
• Tzedek DC
• U.S. PIRG
• Woodstock Institute

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