The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Dodd-Frank alternative bill April 26. The bill, the Financial CHOICE Act, contains a number of regulatory relief provisions.
“CUNA appreciates Chairman Hensarling’s efforts to bring meaningful regulatory relief for the country’s financial institutions, including credit unions. Unnecessary, overly burdensome and duplicative regulations have significant impact on credit unions’ ability to provide safe and affordable financial services to their members. And, credit unions have been making their voice heard on Capitol Hill on the need for common-sense regulations,” said CUNA President/CEO Jim Nussle. “CUNA and our state associations have been active and engaged in this process through ongoing dialogue about Choice 2.0 on behalf of credit unions with Chairman Hensarling and his staff. We appreciate the openness with which they have operated.
“While no bill of this size and complexity is perfect, the legislation includes a number of provisions that we believe would reduce credit unions’ regulatory burden allowing them to more fully provide their members with safe and affordable financial services,” Nussle added. “We are encouraged that the chairman intends to take the legislation through the Financial Services Committee, and we look forward to seeing this process progress.”
Several changes in the bill were suggested in a January letter from CUNA to Hensarling.
The House Financial Services Committee hearing will take place April 26 at 10 a.m. (ET), and will be streamed live on the committee’s website.