CUNA supports HR 766, limits on Operation Choke Point
WASHINGTON, DC (February 2, 2016) — CUNA sent to a letter to the House of Representatives today in support of H.R. 766, the “Financial Institution Customer Protection Act of 2015.” Please see the full letter below and let me know if you have any questions.
February 2, 2016
On behalf of the Credit Union National Association (CUNA), I am writing in support of H.R. 766, the “Financial Institution Customer Protection Act of 2015,” as the House takes up the legislation this week. CUNA represents America’s state and federally chartered credit unions and their more than 100 million members.
H.R. 766 would place certain limits on the Federal government’s Operation Choke Point. While we strongly support the government’s role in ensuring the integrity of financial markets and eliminating fraud, the program’s broad enforcement tactics could create unnecessary risks to consumers and to the economy.
The legislation would limit Federal banking regulators’ ability to discourage or restrict depository institutions from entering into or maintaining a financial services relationship with specific customers unless certain criteria are met. The legislation would also limit regulators’ ability to pressure financial institutions to terminate customer accounts, requiring regulators to have a material reason for termination that is not based solely on the reputational risk posed by the customer before pressuring the financial institution to close the account.
Credit unions are committed to maintaining the ability to serve their members while strictly following all laws and governing regulations. H.R. 766 is a reasonable approach to preventing fraud and maintaining financial integrity without overreaching. We appreciate Representative Luetkemeyer’s leadership on this bill and encourage you to vote for this legislation on the House floor.
On behalf of America’s credit unions and their more than 100 million members, thank you for your consideration.
President & CEO
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.