Fri, Jun 9, 2017
In a near party-line vote, the House approved the Financial CHOICE Act on Thursday, which scales back or eliminates much of Dodd-Frank and would provide regulatory relief to credit unions and other financial institutions.
The CHOICE Act makes a number of changes to the CFPB and the NCUA examination process that are supported by credit unions, the leagues and CUNA.
- Changes the structure and authority of the CFPB, including bringing the bureau under the appropriations process; reducing its power to only enforcing pre-existing consumer protection laws; and agency's sole director would be removable at will by the president.
- More Transparency and independent oversight for the NCUA in the form of budget hearings, an independent appeals process and more transparency regarding the overhead transfer rate.
The CHOICE Act now heads to the Senate where it faces long odds.
To mobilize support for the legislation, CUNA has designed a new Campaign tool for credit unions to share with Congress how new regulations have hindered your credit union's ability to serve your members with our new. These stories help educate Washington about how regulatory burden hurts main street financial institutions like credit unions.