Wed, Sep 14, 2016
District Of Columbia
On Tuesday of this week, the House Financial Services Committee Chaired by Rep. Jeb Hensarling (R-TX) is expected to 'mark-up' the Financial CHOICE Act, which contains a number of regulatory reform measures being supported and pushed by our association's advocacy team. Among the provisions LINK includes:
-- Expand the NCUA Board from three to five members
--Subject the NCUA Budget to Congressional appropriations approval (this provision CUNA opposes)
--Establish a Credit Union Advisory Council at NCUA
--Require annual budget hearings for NCUA
--Provide greater transparency on the overhead transfer rate
--Require 18-month examination cycles for well-run credit unions with under $1 billion in assets.
The mark-up will include member maneuvering and compromise from both sides of the aisle. The bill (as currently written) most importantly contains language to repeal the ‘Durbin Amendment’ impacting interchange rates which was part of the Dodd-Frank Act. In speaking with staff on the hill, the repeal language is both important and controversial and as such - an amendment could be offered during ‘mark-up’ to strip away the repeal language!
In the end, it is unlikely the bill itself in whatever form it takes in Committee will advance to the full House prior to the Congressional recess but it will have been a step in the right direction heading into the new year.
Contact: Glen Cooney, 443-325-0775, firstname.lastname@example.org