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NAFCU continues to weigh in with House Republican leaders on the need to preserve the repeal of the Durbin interchange amendment housed in the Financial CHOICE Act (H.R. 10) through meetings on Capitol Hill and through specific messages sent to lawmakers' offices.

"It seems unlikely that the bill will receive any further action from the House before the before Memorial Day recess," noted NAFCU Vice President of Legislative Affairs Brad Thaler. "Credit unions should continue reaching out to lawmakers urging that the Durbin amendment repeal remains intact."

Last week, Thaler discussed the current state of the CHOICE Act, the regulatory relief efforts expected going forward and the need for credit unions to engage with lawmakers to build support in a NAFCU Today video.

Along with the Durbin amendment repeal, the NAFCU-supported CHOICE Act makes many more changes to the Dodd-Frank Act and other financial regulations, which would provide credit unions regulatory relief in areas such as mortgage rules, examination reforms, and better tailoring and cost-benefit analyses of new regulations and capital rules. The bill also makes significant reforms to the CFPB – reshaping the bureau as the new Consumer Law Enforcement Agency and limiting its powers, including its authority to address unfair, deceptive, or abusive acts or practices (UDAAP).

Credit unions are encouraged to reach out to their lawmakers to seek support for repealing the Durbin amendment as part of an ongoing campaign through NAFCU's Grassroots Action Center.