April 25, 2017

'CHOICE Act' mark-up eyed May 2

Hill and news reports yesterday indicated that House Financial Services Committee Chairman Jeb Hensarling, R-Texas, is planning a mark-up of his revised "Financial CHOICE Act" May 2.

NAFCU is continuing to review the nearly 600-page draft bill and is talking to member CEOs about its impact. The association plans to submit feedback in writing to the committee ahead of tomorrow's hearing on the bill.

As released last week, the revised "CHOICE Act" retains language sought by NAFCU to repeal the Durbin interchange amendment. It would also require regulators to do better cost-benefit analyses of rules, scale back authorities of the CFPB and, among other things, bring reforms to the examination process of financial institutions to ensure an independent and fair appeals process. Unlike the draft in this previous Congress, this version keeps the NCUA Board at three members, as urged by NAFCU.

A hearing on the bill is slated for 10 a.m. Eastern tomorrow. Witnesses include:

  • John Allison, former president and CEO of the Cato Institute;
  • Norbert J. Michel, Ph.D., Senior Research Fellow with The Heritage Foundation Financial Regulations and Monetary Policy Institute for Economic Freedom and Opportunity;
  • Hester Peirce, Director of Financial Markets Working Group and Senior Research Fellow, Mercatus Center;
  • Alex J. Pollock, Distinguished Senior Fellow, The R Street Institute;
  • Peter J. Wallison, Senior Fellow and Arthur F. Burn, Fellow in Financial Policy Studies, American Enterprise Institute;
  • Lisa D. Cook, Associate Professor of Economics and International Relations, Michigan State University;
  • Michael S. Barr, Professor of Law, University of Michigan Law School, and a former Treasury official involved in the drafting of the Dodd-Frank Act.

NAFCU is encouraging credit unions to press lawmakers to support Durbin amendment repeal and to enact meaningful regulatory relief; to begin, visit NAFCU's Grassroots Action Center.