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Today CUNA sent a letter to House Financial Services Committee Chairman Jeb Hensarling (R-Texas) in anticipation of the reintroduction of the Financial CHOICE Act, a package of reforms to Dodd-Frank. CUNA supports many of the provisions included in the CHOICE Act. We did provide several suggestions for improvement to the version of CHOICE likely to be unveiled in the coming weeks.
CUNA continues to oppose the CHOICE provision that would expand the charter for savings and loan associations in absence of similar legislation expanding credit unions’ charter to be more flexible on member business lending and not subject to the 12.25 percent cap. CUNA suggested incorporating HR 389, the Credit Union Residential Loan Parity Act, into CHOICE to provide an exclusion for 1-4 non-owner occupied residential units from the member business lending cap. CUNA also opposes placing the NCUA under the appropriations process; since credit unions currently pay into NCUA, reallocating those funds to pay for non-germane government expenditures would amount to a tax on credit unions. In addition, CUNA also expressed concern regarding the repeal of the Chevron doctrine and sought clarification on the funding of the CHOICE-Act proposed ombudsman at the Federal Financial Institutions Examination Council.
CUNA also outlined several provisions that were not in the CHOICE Act last fall but the Association feels should be incorporated in the next iteration of the legislation. CUNA called for greater exemption authority from the CFPB, as well as greater and more appropriate checks on the Bureau from the Financial Stability Oversight Council and the Office of Information and Regulatory Affairs. CUNA proposed raising the CFPB’s supervisory threshold from the current $10 billion to $50 billion (indexed for inflation). CUNA also called for safeguards to prevent the CFPB from abusing its authority of its Unfair, Deceptive, and Abusive Actions and Practices (UDAAP).
Chairman Hensarling requested all comments be submitted to the committee today. An updated CHOICE Act is likely to be reintroduced later this month or in February, and we expect the committee to mark-up the legislation in the next few months. CUNA will continue to work with the Financial Services Committee and others on achieving meaningful regulatory reform for credit unions in the 115th Congress.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
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