The U.S. House Financial Services Committee passed the Financial CHOICE Act (H.R. 5983) Tuesday by a 30-26 vote. The bill, intended to be an alternative to the Dodd-Frank Act, contains a number of CUNA-supported provisions.
CUNA submitted two letters for the hearing, one in which President/CEO Jim Nussle expressed support for a number of provisions and urged additional relief. The second, sent with other financial trade organizations, urged committee leadership to back the provision that would repeal the Durbin Amendment.
While debate among the committee grew heated at times, many legislators stressed the positive aspects of providing regulatory relief for credit unions and other financial institutions.
“I know [regulatory relief] is a bipartisan issue. If you talk to your small banks and credit unions, like we all do, they’ll tell you that they can’t comply with all the rules and regulations, they’re not big enough,” said Rep. Sean Duffy (R-Wis.). “And so, either they go out of business or they try to consolidate.”
CUNA-backed provisions in the bill include:
CUNA opposes several provisions in the bill as well, including ones that would bring the NCUA under the appropriations process and allow federal savings associations to operate as national banks.