Removing Barriers Blog

CUNA Sends Letter of Support for H.R. 2706 – the Financial Institutions Customer Protection Act
Posted June 06,2017 by CUNA Advocacy

CUNA sent a letter of support to Representative Luetkemeyer for his recently introduced legislation, H.R. 2706, the Financial Institution Customer Protection Act of 2017.

This legislation would impose certain limits on the Federal government’s Operation Choke Point, by limiting Federal bank regulators’ ability to discourage or restrict depository institutions from entering into or maintaining a financial services relationship with specific customers unless certain criteria are met.

While CUNA strongly supports the government’s role in ensuring the integrity of financial markets and eliminating fraud, the program’s broad enforcement tactics could create unnecessary risks to consumers and to the economy.

America’s credit unions are already committed to maintaining the ability to serve their members while strictly following all laws and governing regulations. H.R. 2706 is a reasonable approach to preventing fraud and maintaining financial integrity without overreaching. CUNA will continue to support Representative Luetkemeyer and thanks him for taking the time to introduce this piece of legislation.