CUNA wrote to House Financial Services Committee Chair Rep. Jeb Hensarling (R-Texas) Friday with suggested modifications and additions to his Financial CHOICE Act, which Hensarling is expected to introduce shortly. Hensarling introduced the bill in the last Congress as an alternative to the Dodd-Frank Act.
“Credit unions accept that they must operate in a regulated environment. However, one-size-fits-all regulation does not work for Main Street--local credit unions, small banks, and the consumers and small businesses they serve,” CUNA President/CEO Jim Nussle wrote. “It has created a rigged system favoring the largest institutions who can afford to comply with the ‘solutions’ dreamt up in Washington--the very institutions that caused the crisis that hurt so many.”
While CUNA supported a number of provisions in the original CHOICE Act, certain provisions made it difficult to fully back the legislation.
CUNA’s proposed changes and additions include: