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In action not wholly unexpected, reports Wednesday said House Financial Services Chairman Jeb Hensarling, R-Texas, has decided to remove the Durbin amendment repeal provision from the Financial CHOICE Act before the measure reaches the House floor.

Hensarling is quoted saying the Durbin amendment repeal provision has been the "most contentious." Reports said if retained, it could threaten the entire bill.

The CHOICE Act is expected to be taken up on the House floor sometime after lawmakers return from next week's Memorial Day recess. Any changes made prior to House action are expected to be handled through a managers amendment, or substitute bill.

In addition to Durbin repeal, the CHOICE Act includes provisions that would ease some mortgage rules, require a review of appropriate risk capital levels, rein in the CFPB's authorities and more. "The CHOICE Act contains numerous regulatory relief provisions, and NAFCU is continuing to work to ensure relief for credit unions," said Brad Thaler, NAFCU's vice president of legislative affairs.

NAFCU is urging credit unions to engage in advocacy while lawmakers are in home states and districts over the coming recess. For contact information and tools, visit NAFCU's Grassroots Action Center.