WASHINGTON—The Financial CHOICE Act (HR 10) is not on the House agenda this week, reports CUNA, which expects the bill may come up for a vote after the House returns June 5 following next week’s recess.
“We understand that leadership for the bill will be eliciting support this week in anticipation of putting the CHOICE Act back on the calendar when the House returns,” said CUNA Chief Advocacy Officer Ryan Donovan.
HR 10 has already passed out of committee. The CHOICE Act includes provisions credit unions support, such as rolling back portions of Dodd-Frank that are related to the CFPB and repeal of the Durbin Amendment. Credit unions also have expressed “concerns” over other portions of the bill. But as CUToday.info reported here, the National Retailers Association feels just as strongly in opposition of repealing the Durbin rules, and have launched advertising around the issue.
Both CUNA and NAFCU said they will be following several hearings and meetings on both sides of the Capitol this week:
- On Tuesday the House Ways and Means Committee will hold the second in a series of hearings on tax reform. CUNA president Jim Nussle sent a letter last week to the Committee in advance of its initial hearing.
- Also on Tuesday, the Senate Banking Committee will vote on nominations to Treasury positions, including assistant secretary, undersecretary for Terrorism and Financial Crimes, and assistant secretary for Terrorist Financing.
- The House Ways and Means Committee on Wednesday will hold a hearing on President Trump’s fiscal 2018 budget, with Treasury Secretary Steven Mnuchin scheduled to testify.
- NAFCU staff will attend a meeting of the Financial Literacy and Education Commission at the Treasury Department, set for Wednesday.
- The Senate Finance Committee holds a hearing Thursday on the fiscal budget, as well, with Mnuchin testifying on the budget for Treasury as well as on tax reform. “NAFCU lobbyists are looking for details on the president's budget this week and will be closely following this week's hearings for any potential impacts on credit unions,” the trade association stated.
Finally, with the House and Senate in recess next week, both NAFCU and CUNA are encouraging credit unions to visit with legislators in their districts.
NAFCU noted that this week it will be monitoring oral arguments in the PHH Corp. lawsuit against the CFPB. Oral arguments in the PHH case will take place on Wednesday at the U.S. Court of Appeals for the D.C. Circuit. In February, the court granted the Bureau's petition for a full court rehearing of the case, after the court's initial ruling in October 2016 found the bureau's single-director structure unconstitutional.