CUNA President/CEO Jim Nussle said he is disappointed with the removal of Durbin amendment repeal language from the Financial CHOICE Act, but pledged that CUNA, the leagues, and credit unions will continue the offensive in the push for regulatory relief. House Republicans decided to remove the Durbin repeal language from the bill prior to its consideration on the House floor, which could be in early June.
“While we are disappointed that the Durbin repeal language was removed, it is important to keep in mind that there are a number of provisions in the CHOICE Act that would provide relief to credit unions, and that is the ultimate goal of our Campaign for Common-Sense Regulation,” Nussle said. “While the CHOICE Act did not represent the right opportunity to address our concerns with the Durbin language, we will continue to urge Congress to consider whether government-imposed price controls on the payments system—or any transaction, including retail transactions—are appropriate.
“We look forward to the House considering the CHOICE Act and to future Senate consideration of legislation that would provide meaningful regulatory relief for credit unions,” Nussle added.
The Durbin amendment requires the Federal Reserve to limit fees charged to retailers for debit card processing.
CUNA and the leagues support the repeal language because of the harm the Durbin amendment has caused credit unions and their members, costing credit unions and their members over $1 billion since it was put in place.