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The House today, voting 233-186, passed the Financial CHOICE Act (H.R. 10), which contains NAFCU-supported measures that would, among other provisions, ease some mortgage rules, require a review of appropriate risk capital levels and rein in the CFPB's authorities. The bill now awaits Senate action.

"NAFCU praises the passage of this important bill that, if enacted, would provide the credit union industry with much-needed regulatory relief," said NAFCU President and CEO Dan Berger. "We appreciate members of the House and bill author Chairman Jeb Hensarling for recognizing the current regulatory burden facing credit unions, and look forward to working with the Senate to enact meaningful relief for our members."

The Financial CHOICE Act was introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and is meant to revise numerous Dodd-Frank Act provisions.

Noting the need for credit union regulatory relief, NAFCU witness Steve Grooms, president and CEO of 1st Liberty Federal Credit Union of Great Falls, Mont., testified today before the Senate Banking Committee.