NAFCU President and CEO Dan Berger welcomed yesterday’s release by House Financial Services Chairman Jeb Hensarling, R-Texas, of a discussion draft for his updated “Financial CHOICE Act” providing for Durbin interchange amendment repeal and other Dodd-Frank Act reforms, a number of which NAFCU has been seeking for credit unions.
A hearing is slated April 26 at 10 a.m. Eastern.
“NAFCU is gratified to see work getting underway on some much-needed regulatory relief for the nation’s credit unions,” said Berger. “Credit unions continue to strain under the regulatory compliance burdens of the Dodd-Frank Act, and we thank Chairman Hensarling for his recognition of this burden and his leadership in launching a discussion of important reforms.”
The draft revised Financial CHOICE Act would repeal the Durbin interchange amendment and implement other reforms of the Dodd-Frank Act, a number of which NAFCU has been seeking for credit unions. The draft bill is expected to be introduced before month end.
Hensarling, in Wednesday’s announcement, said the measure “grows the economy from Main Street up.” Key provisions in the bill impacting credit unions include:
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