The House voted 233-186 Thursday to pass the Financial CHOICE Act, a regulatory relief bill with several credit union-friendly provisions. CUNA President/CEO Jim Nussle thanked the House for their vote, and said CUNA will continue its engagement to get regulatory relief legislation across the finish line.
“We applaud the House of Representatives for passing the Financial CHOICE Act, and we appreciate Chairman Hensarling’s leadership on this issue,” said Jim Nussle, CUNA president/CEO. “This bill represents a big win for credit unions and their members. And, as the debate moves to the Senate, we will continue to play offense to ensure Congress enacts common-sense legislation that improves the operating environment for credit unions to more fully serve their members.”
The CHOICE Act makes a number of CUNA-supported changes to the Consumer Financial Protection Bureau (CFPB), NCUA examination process and more.
Prior to the vote, a number of members spoke of the need for regulatory relief for credit unions and the need for common-sense regulation. Speaker of the House Paul Ryan (R-Wis.) said the bill will "bring hope back to Main Street."
Rep. Ann Wagner said the bill would bring relief to "Main Street instead of Wall Street," while Rep. Bill Huizenga (R-Mich.) said the bill will help credit unions better serve small businesses in their communities.
Reps. Jeb Hensarling (R-Texas), Blaine Luetkemeyer (R-Mo.) and Doug Collins (R-Ga.), specifically cited the need for credit union regulatory relief in announcing their support for the bill.
Hensarling also cited CUNA concerns with the language placing NCUA under appropriations process, saying the provision “should not affect the ability of the NCUA to determine the appropriate allocation of expenses between the insurance related functions and other functions of the Agency for purposes of the overall funding of the NCUA.”
This will ensure that the overall balance of funding for the NCUA coming from the Operating Fee and the Overhead Transfer Rate will remain undisturbed.
Rep. Ed Royce (R-Calif.) addressed the negative impacts of Dodd-Frank on credit unions and Rep. Andy Barr (R-Ky.) said the bill would help end the one-size-fits-all regulatory climate.
In addition, Rep. Martha Roby (R-Ala.), said Dodd-Frank has had a number of negative effects on an Alabama credit union that had has to triple the size of its compliance department, yet as seen its growth limited by as much as $60 million.
A detailed list of provisions both supported and opposed by CUNA can be found in previous CUNA News coverage.