NAFCU Vice President of Legislative Affairs Brad Thaler, in a new NAFCU Today video, discusses the current state of the House Financial Services Committee-passed Financial CHOICE Act (H.R. 10), the regulatory relief efforts expected going forward and the need for credit unions to engage with lawmakers to build support.

In the video, Thaler notes NAFCU’s support of the bill, which makes many changes to the Dodd-Frank Act and other financial regulations. Of great significance to the credit union industry, the CHOICE Act includes a NAFCU-backed provision that would repeal the Durbin interchange amendment.

The bill also makes significant reforms to the CFPB – reshaping the bureau as the new Consumer Law Enforcement Agency and limiting its powers, including its authority to address unfair, deceptive, or abusive acts or practices (UDAAP). The CHOICE Act also would provide credit unions regulatory relief in areas such as mortgage rules, examination reforms, and better tailoring and cost-benefit analyses of new regulations and capital rules.

 

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