May 01, 2017

NAFCU monitors CHOICE Act mark-up today

NAFCU will closely monitor the House Financial Services Committee mark-up of the Financial CHOICE Act (H.R. 10), slated for 10 a.m. Eastern today. The association will keep members apprised of any changes potentially affecting credit unions and their members.

On Monday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged committee leaders to support the legislation and told them that maintaining the Durbin amendment repeal provision is important and that the association urges members to oppose any attempt to remove the provision from the bill.

The CHOICE Act contains numerous NAFCU-sought measures, including Durbin interchange amendment repeal and other Dodd-Frank Act reforms. Two separate hearings were held on the bill last week, one of them often citing the Dodd-Frank's impact on the current regulatory environment and credit unions.

The CHOICE Act would require 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 (last year, a five-member board was contemplated) and mandate agency budget transparency. However, there are also areas of concern, such as a proposal to subject the NCUA to congressional appropriations.

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.