CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation has successfully pushed financial reform to the “head of a crowded field of issues,” CUNA President/CEO Jim Nussle said Thursday. Nussle’s statement came in response after Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, made public his Dodd-Frank replacement bill.
“Yesterday evening, Rep. Hensarling released the new Financial CHOICE Act, a proposal we have worked closely with the House Financial Services Committee Chairman on and one that initiates the first step towards the process of seeking regulatory relief in line with the Campaign in both Chambers of Congress,” Nussle said. “Our policy experts continue to carefully review the nearly 600 pages in the legislation, but our initial analysis finds that there are several components that could directly benefit credit unions, a strong reflection of the messaging we've pushed for the past 3-plus months.”
Nussle urged credit union stakeholders to get involved by:
Provisions in the CHOICE Act that CUNA believes will improve the operating environment for credit unions include:
Additional details on CUNA-supported provisions, as well as areas of concern for credit unions, can be found on CUNA’s Removing Barriers Blog.
CUNA’s Campaign for Common-Sense Regulation aims to reduce regulation on credit unions by compelling Congress to end one-size-fits-all regulations better suited for Wall Street than credit unions on Main Street.