The House Financial Services Committee voted 34-26 Thursday in favor of House Financial Services Committee Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act. The Dodd-Frank Act replacement bill contains a number of regulatory relief provisions that would benefit credit unions, but several concerning items as well.
“It’s good news that we’re seeing regulatory relief legislation move forward, and CUNA will continue our engagement with policymakers and staff as the process continues," said CUNA President/CEO Jim Nussle. “During the markup, several committee members specifically cited the negative effects that overly broad rules stemming from the Consumer Financial Protection Bureau have had on credit unions and their members, so our message is getting out there. We’ll need our leagues, credit unions, members and other stakeholders to remain on the advocacy offensive to keep this momentum going to ensure that is not more difficult to obtain safe and affordable products from credit unions.”
Prior to the markup CUNA expressed support for a number of the provisions in the legislation, specifically highlighting Section 735 which repeals the Durbin debit interchange amendment that was enacted as part of the Dodd-Frank Act.
CUNA has also previously highlighted potential improvements to the legislation to the committee.
The many regulatory relief provisions found in the legislation are primary objectives of CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation. CUNA’s campaign toolkit contains resources to help stakeholders take action, including writing members of Congress to support regulatory relief.