As the U.S. House Financial Services Committee prepares to mark up the Financial CHOICE Act Tuesday, CUNA President/CEO Jim Nussle wrote to the committee to express support for several of the bill’s provisions. The bill was introduced by committee Chair Rep. Jeb Hensarling (R-Texas) as an alternative to the Dodd-Frank Act.
“We appreciate your efforts to bring meaningful regulatory relief for the country’s financial institutions, including credit unions,” Nussle wrote. “Unnecessary, overly burdensome, and duplicative regulations mean that credit union members are not able to fully access the high-quality, affordable and safe financial services that credit unions provide.”
CUNA supports a provision that would repeal the Durbin amendment, which is part of Dodd-Frank and requires a limit on fees charged to retailers for debit card purchases.
Other provisions CUNA supports fall into the following categories:
Consumer Financial Protection Bureau (CFPB)
CUNA opposes several provisions in the bill as well, including one that would bring the NCUA into the appropriations process. CUNA also opposes a provision that would allow federal savings associations to operate with the duties and responsibilities of national banks that, unless similar legislation enhancing the flexibility of the credit union charter is added to the CHOICE Act.
The markup is scheduled to begin at 10 a.m. (ET) Tuesday, and will be streamed live on the committee’s website.