Newsroom

The House Financial Services Committee on Thursday voted along party lines to pass the Financial CHOICE Act (H.R. 10). The bill, approved on a vote of 34-26, still contains the NAFCU-backed provision for repeal of the Durbin interchange amendment.

"Passage of the Financial CHOICE Act is an important step toward creating a regulatory environment where the nation's credit unions can thrive. NAFCU thanks committee Chairman Jeb Hensarling, R-Texas, for introducing this important legislation," said NAFCU President and CEO Dan Berger. "NAFCU supports many provisions of this bill, but one of the most significant is the repeal of the failed Durbin interchange amendment. We urge lawmakers to see this bill through, including the repeal of this government interference that harms consumers."

"NAFCU will continue its work with members of Congress to create a better regulatory environment for the credit union industry," Berger added.

In addition to Durbin amendment repeal, the committee-approved CHOICE Act contains numerous other NAFCU-sought measures, including one requiring regulatory agencies to improve their cost-benefit analyses and better tailor regulations to the size of regulated institutions. It would also, as urged by NAFCU, preserve the NCUA Board's current three-member structure and mandate agency budget transparency.

The bill now awaits action of the full House.

NAFCU continues to encourage credit unions to reach out to lawmakers to seek support for repealing the Dodd-Frank Act's Durbin amendment; more information is available at NAFCU's Grassroots Action Center.