Removing Barriers Blog

CHOICE 2.0: Letter Sent Prior to Mark-Up
Posted May 02,2017 by CUNA Advocacy

Today, the House Financial Service Committee is meeting to mark-up H.R. 10 – the Financial CHOICE Act (also known as CHOICE 2.0).  Prior to the mark-up, CUNA sent a letter to Chairman Hensarling and Ranking Member Waters reiterating the position of America’s credit unions (outlined in a letter sent last week).   As mentioned before, CHOICE 2.0 is not perfect, but CUNA recommends a “Yes” vote on this legislation.  It is in the best interest of addressing credit unions’ significant regulatory burden for the Committee to advance this legislation to the House of Representatives.   

Similar to last week’s hearing and Minority Hearing, today’s mark-up will likely be very partisan and possibly very long.  There is also a real possibility a Member may offer an Amendment to strike Section 735 – language that would repeal the Durbin debit interchange amendment.  CUNA has been actively advocating for the full repeal of the Durbin Amendment, and considers a vote on such an Amendment a key credit union vote and will urge Members to vote against striking Section 735. 

CUNA appreciates the work done by the Committee to take action on regulatory relief, but as mentioned before there is a long road ahead before meaningful regulatory relief legislation is enacted into law.  As this and other legislation moves through the process, CUNA will be in constant contact with staff and Members of Congress in both the House and the Senate to ensure the legislation ultimately enacted into law meaningfully reduces credit unions’ regulatory burden and maintains important consumer protections.