The House Financial Services Committee will mark up Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act (H.R. 10) starting Tuesday at 10 a.m. (ET). CUNA sent a letter to the committee during a hearing on the bill last week, outlining positive aspects, concerns and additional suggestions, and will submit a letter for the markup.
The markup could stretch out over several days, and CUNA will remain engaged as amendments are offered and voted on. CUNA will be paying particular attention to the CHOICE Act language concerning CUNA-backed repeal of the Durbin amendment.
The Durbin amendment requires the Federal Reserve to limit fees charged to retailers for debit card processing. A provision in the CHOICE Act would repeal the Durbin amendment.
CUNA Chief Advocacy Officer Ryan Donovan says CUNA is expecting an amendment to strike Durbin repeal language from the CHOICE Act.
“We will strongly oppose this amendment if it is offered, and are working with league partners and credit unions to make sure members of the committee understand that this is a very important issue for credit unions,” Donovan said. “We strongly oppose any amendments that strike the Durbin repeal language.”
CUNA wrote to House Financial Services Committee leadership Monday, urging the members to vote against any removal of the Durbin repeal provision.
CUNA issued an action alert last week to spur action on Durbin repeal. As a member of the Electronic Payments Coalition, CUNA sent a letter to the CHOICE hearing listing the reasons why the repeal is needed.