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House Financial Services Committee Chairman Jeb Hensarling told NAFCU members at a NAFCU Capitol Hill reception held in conjunction with the Congressional Caucus Tuesday that his committee has heard credit unions' concerns.

"Unfortunately, Washington is threatening your very existence," Hensarling said, referencing the growing regulatory burden facing the industry. He cited his "Financial CHOICE Act" (H.R. 5983) as one way to help ease that burden.

A Republican alternative to the Dodd-Frank Act that was passed by the committee last week, the "CHOICE Act" now awaits House action. NAFCU has praised many of the bill's initiatives for credit union regulatory relief and strongly supports its proposed repeal of the Durbin amendment.

Hensarling said he wants to work more with credit unions to address concerns they might have with the bill. He noted his concern that roughly one community financial institution is lost per day due to regulatory overburden.

Several dozen members of Congress attended the reception.

NAFCU Congressional Caucus wraps up today at the Hyatt Regency Washington on Capitol Hill. For more updates, follow #NAFCUCaucus on Twitter.