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On the final day of NAFCU's Congressional Caucus Wednesday, credit union attendees heard from numerous House Financial Services subcommittee chairmen and panel members detailing their work on the "Financial CHOICE Act," which includes numerous NAFCU-sought regulatory relief provisions.

Top: Subcommittee Chairman Blaine Luetkemeyer, R-Mo., discussed provisions in the "CHOICE Act" that pertain to the CFPB on Wednesday. Middle: Subcommittee Chairman Bill Huizenga, R-Mich., discussed his own small business and noted credit unions are integral to the success of small businesses. Above: Rep. French Hill, R-Ark., discussed the portion of the "Financial CHOICE Act" that provides a regulatory burden "off ramp" for institutions with capital ratios exceeding 10 percent. (Kevin Dietsch photos)

Legislation to set national data security standards for merchants also entered into the mix.

Financial Institutions and Consumer Credit Subcommittee Chairman Randy Neugebauer, R-Texas, discussed three important credit union issues during his speech: the Durbin amendment, Dodd-Frank Act reforms and data security.

Neugebauer, who retires this year, encouraged credit union attendees to educate their members on the impact of the Durbin amendment, included in the 2010 Dodd-Frank Act, and how it has only transferred money to the retailers and led to more fees at financial institutions. Discussing the "Financial CHOICE Act," he said it is important to reduce the regulatory burden "so you spend more time providing financial services than being a compliance officer."

On the NAFCU-backed "Data Security Act" (H.R. 2205), which he introduced, Neugebauer highlighted retailers' opposition to the bill. "The American people have entrusted us, and it's up to us to protect the integrity of that system," he said. "The system is only as strong as its weakest link." He also underscored the bipartisan support for the bill, which passed the House Financial Services Committee on a vote of 46-9.

Other lawmakers weighed in on these issues and more.

Housing and Insurance Subcommittee Chairman Blaine Luetkemeyer, R-Mo., backed the "Financial CHOICE Act" provisions to move the bureau from a single director to a five-person commission, put its funding under congressional authority, place an inspector general within the bureau and rein in its UDAAP authority.

Monetary Policy and Trade Subcommittee Chairman Bill Huizenga, R-Mich., discussed his own small business and noted credit unions are integral to the success of small businesses. "I'm worried about Main Street and making sure small family-owned businesses are going to stay here," he said. He aired his support for the above-noted "Financial CHOICE Act" provisions and added he also backs the bill's repeal of the Labor Department's fiduciary rule.

Rep. French Hill, R-Ark., member of the House Financial Services Committee, pointed to the portion of the "Financial CHOICE Act" that provides a regulatory burden "off ramp" for institutions with capital ratios exceeding 10 percent. He said the overregulation of the financial services industry has taken it from a "safety and soundness system to one of box-checking and busy work."

Next year, NAFCU's Congressional Caucus is Sept. 10-13 in Washington.