WASHINGTON, DC (May 4, 2017) — National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the House Financial Services Committee today passed the Financial CHOICE Act (H.R. 10), along party lines:
“Passage of the Financial CHOICE Act is an important step toward creating a regulatory environment where the nation’s credit unions can thrive. NAFCU thanks committee Chairman Jeb Hensarling, R-Texas, for introducing this important legislation,” Berger said. “NAFCU supports many provisions of this bill, but one of the most significant is the repeal of the failed Durbin interchange amendment. We urge lawmakers to see this bill through, including the repeal of this government interference that harms consumers.”
“NAFCU will continue its work with members of Congress to create a better regulatory environment for the credit union industry,” Berger added.
In addition to Durbin amendment repeal, the committee-approved CHOICE Act contains numerous other NAFCU-sought measures, including one requiring 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 and mandate agency budget transparency.
The bill now awaits action of the full House.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
