The markup of Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act continued Wednesday with votes on a number of amendments, most of which did not pass. During discussions, Rep. Ann Wagner (R-Mo.) cited a credit union member who wrote to her about the importance of regulatory relief for credit unions.

Wagner quoted an employee of First Community CU, Chesterfield, Mo., who said she was unable to meet the mortgage needs of a longtime member looking to purchase a new house.

“[The credit union] wrote to me and wants to know why they can’t give, under CFPB rules, a loan to a member in good standing, with credit that was perfect, a home mortgage loan?” said Wagner, who chairs the House Financial Services subcommittee on oversight and investigations.

The committee considered, but ultimately voted down, an amendment that would remove language from the CHOICE Act that would repeal the Department of Labor’s (DOL) fiduciary rule.

CUNA backs repeal of the rule, as it has concerns about the possible impact on credit union members’ ability to receive services to invest and save.

 

continue reading »