WASHINGTON -- CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation has successfully pushed financial reform to the “head of a crowded field of issues,” CUNA President/CEO Jim Nussle said Thursday. Nussle’s statement came in response after Rep. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, made public his Dodd-Frank replacement bill.
“Yesterday evening, Rep. Hensarling released the new Financial CHOICE Act, a proposal we have worked closely with the House Financial Services Committee Chairman on and one that initiates the first step towards the process of seeking regulatory relief in line with the Campaign in both Chambers of Congress,” Nussle said. “Our policy experts continue to carefully review the nearly 600 pages in the legislation, but our initial analysis finds that there are several components that could directly benefit credit unions, a strong reflection of the messaging we've pushed for the past 3-plus months.”
CUNA and the state Leagues urged credit union stakeholders to get involved by:
- Using CUNA’s campaign toolkit;
- Write their member of Congress to support regulatory relief; and
- Take action via CUNA’s campaign website.
Provisions in the CHOICE Act that CUNA believes will improve the operating environment for credit unions include:
- Requiring more analysis and greater checks and balances before an agency can engage in rulemakings;
- Removing the Consumer Financial Protection Bureau’s (CFPB) rulemaking and enforcement authority for unfair, deceptive, or abusive acts or practices;
- Repealing the Durbin amendment entirely;
- Bringing CFPB into the regular appropriations process;
- Repealing CFPB’s authority to write rules for arbitration;
- Repealing the Department of Labor’s (DOL) fiduciary rule and directing that the DOL cannot put a fiduciary rule out unless the Securities and Exchange Commission puts one out first; and
- Prohibiting regulators from forcing a financial institution to close certain accounts for certain industries.
Additional details on credit union-supported provisions, as well as areas of concern for credit unions, can be found on CUNA’s Removing Barriers Blog.
CUNA’s Campaign for Common-Sense Regulation aims to reduce regulation on credit unions by compelling Congress to end one-size-fits-all regulations better suited for Wall Street than credit unions on Main Street.
The House Financial Services Committee hearing will take place Wednesday, April 26 at 10 a.m. It will be streamed live on the committee’s website.
in Legislative & Political News