Mulvaney touts CHOICE Act during call-in

House Financial Services Committee member Mick Mulvaney, R-S.C., touted the importance of the “Financial CHOICE Act” and noted his plans for a standalone bill related to NCUA’s overhead transfer rate, during NAFCU’s member-only call-in Wednesday.

The CHOICE bill, from committee Chairman Jeb Hensarling, R-Texas, includes a NAFCU-supported repeal of the Durbin amendment as well as relief for well-capitalized institutions from regulatory restrictions. Mulvaney said he plans to introduce part of the legislation’s language on NCUA’s OTR as a stand-alone bill. The bill would mandate increased transparency, including detailed breakdowns of costs, about how the OTR is calculated.

NAFCU President and CEO Dan Berger called Mulvaney a “terrific champion” of credit unions and noted his consistent support for increased transparency and government oversight for NCUA’s budget.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt spoke about association member concerns about litigation risks. She advised credit unions to keep an eye on CFPB’s consumer complaint database and its “snapshot” complaint reports as a window into potential litigation risks.

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