Removing Barriers Blog

Durbin Repeal Language Removed from CHOICE Act
Posted May 25,2017 by CUNA Advocacy

Representative Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, announced the language repealing the Durbin Amendment would be removed from the Financial CHOICE Act. Unfortunately, the CHOICE Act did not represent the right opportunity for repealing Durbin’s price controls and routing requirements. We do continue to believe it is important for Congress to consider whether government imposed price controls on the payment system - or any transaction, including retail transactions -  are appropriate.  

While we are disappointed that the Durbin repeal language was removed, there are many provisions in the CHOICE Act that would provide regulatory relief to credit unions. We look forward to the House considering the bill and to future Senate consideration of meaningful regulatory relief legislation.