Removing Barriers Blog

CHOICE 2.0 Passes Committee with Durbin Repeal Still Included
Posted May 04,2017 by CUNA Advocacy

After two full days of mark-up and this morning’s amendment votes, CHOICE 2.0 has passed the House Financial Services Committee by a vote of 34-26.  While the votes and the amendments stuck to party lines, CUNA was encouraged to hear a number of Members from both parties cite the negative effects that overly broad rules stemming from the Consumer Financial Protection Bureau have had on credit unions and their members. 

This legislation contains a number of regulatory relief provisions that would benefit credit unions – including the repeal of the Durbin Amendment.  As stated before, the work done by the Committee was just the first step on a long road to meaningful regulatory relief.  This legislation is expected to be brought to the House Floor before the Memorial Day recess for a vote by the House of Representatives.   

At a later date, CUNA is hopeful the Senate will consider regulatory relief legislation for credit unions and other community financial institutions.  While we wait to see how the House votes and when the Senate will act on this legislation, CUNA continues to advocate on behalf of America’s credit unions and their 110 million members for common-sense regulations and reform.