NAFCU statement on House Financial Services Committee hearing on the ‘Financial CHOICE Act’

WASHINGTON, DC (July 13, 2016) — National Association of Federal Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement regarding today’s House Financial Services Committee hearing on the draft “Financial CHOICE Act.”

“The House Financial Services Committee’s hearing today on the draft ‘Financial CHOICE Act’ demonstrates the importance of striking the right capital balance so financial institutions may thrive,” said Hunt. “The crush of regulatory burden, primarily from Consumer Financial Protection (CFPB) rules, and the current rate environment have put a squeeze on credit unions. As member-owned, not-for-profit cooperatives, credit unions are conservatively run institutions with strong capital. Credit unions deserve exemption from regulations designed to control greed, and they need capital rules tailored to recognize the credit union difference and business model.”

NAFCU was the only credit union trade association to oppose subjecting credit unions to CFPB authority under the Dodd-Frank Act.


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 or @NAFCU on Twitter.


Molly Safreed, (NAFCU)

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