Thu, Sep 22, 2016
Last Tuesday, the House Financial Services Committee voted 36-26 to approve the Financial CHOICE Act, which contains a number of regulatory reform measures supported by our Association and system-wide. All Republicans voted for the bill, except Rep. Bruce Poliquin (R-ME) who voted against it. All Democrats voted against the bill.
Some provisions in the bill include:
-- Expand the NCUA Board from three to five members;
-- Subject the NCUA Budget to Congressional appropriations approval;
-- Require annual budget hearings for NCUA;
-- Provide greater transparency on the overhead transfer rate; and
-- Require 18-month exam cycles for well-run credit unions with under $1 billion in assets.
The bill also contains language to repeal the “Durbin Amendment” impacting interchange rates which was part of the much larger Dodd-Frank Act of 2009.
No amendments were offered at ‘mark-up,’ which means the Durbin repeal language stays in. While a positive development, many on Capitol Hill do not see the legislation passing and progressing forward. We are soon heading into a Congressional recess (possibly as early as this week) breaking for the November elections. However, but it should be seen as a step in the right direction heading into the New Year and a new Congress.
Contact: Glen Cooney, 443-325-0775, firstname.lastname@example.org