The U.S. House Financial Services Committee will meet Sept. 13 to debate the Financial CHOICE Act, consider possible amendments and vote on the legislation. The bill was unveiled earlier this year as an alternative to the Dodd-Frank Act, and it contains a number of CUNA-backed regulatory relief provisions.
Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, unveiled the bill in June, and CUNA President/CEO Jim Nussle testified on some of the positive provisions in July before the committee, and CUNA also wrote to Hensarling in July outlining the provisions it supports.
The bill would repeal the Durbin Amendment, which is part of Dodd-Frank and requires a limit on fees charged to retailers for debit card purchases. CUNA supports repeal of the Durbin Amendments.
Title I of Hensarling’s bill would reduce regulatory burdens for credit unions and other financial institutions with greater than a 10% leverage ratio. Approximately 65% of all credit unions fall under this category, credit unions that hold roughly 62% of assets and serve nearly 60% of credit union members.
The bill also contains language from a number of CUNA-supported bills that would: