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The House Financial Services Committee voted 30-26, largely along party lines, to pass the "Financial CHOICE Act" (H.R. 5983) after Democrats moved to end debate during the mark-up Tuesday. The bill, offered as a Republican alternative to the Dodd-Frank Act, now awaits House action.

During mark-up, committee Chairman Jeb Hensarling, R-Texas, said big banks have gotten bigger since the passage of the Dodd-Frank Act and noted the absence of support by Wall Street banks for the "CHOICE Act." Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer, R-Texas, also blamed Dodd-Frank for what he called the present-day "culture of ‘too small to succeed.' "

After saying she disagreed with the bill too much to support any amendments, Ranking Member Maxine Waters, D-Calif., led a procedural move cutting off debate and forcing a vote on the measure with no amendments added.

NAFCU has praised many of the bill's initiatives for credit union regulatory relief, and it strongly supports a provision that would also repeal the Dodd-Frank Act's Durbin amendment.

NAFCU will continue to monitor the bill's progress and push lawmakers to enact far-reaching regulatory relief for credit unions.