WASHINGTON–Representatives of both CUNA and the Cornerstone Credit Union League have separately met with Rep. Jeb Hensarling (R-TX), the chair of the House Financial Services Committee.
In both cases, the topic of discussion was regulatory relief possibilities for credit unions in the 115th Congress, which includes Hensarling’s bill, the Financial CHOICE Act.
“We discussed the many provisions credit unions support in the CHOICE Act. We also discussed provisions that cause us concern and areas where we think the bill could go even further, like clarifying the CFPB's exemption authority and fixing the problems presented by the Bureau's broad Unfair, Deceptive, Abusive Actions and Practices (UDAAP) authority,” said Jim Nussle, CEO of CUNA. “It was a very productive meeting, and will be followed today by a meeting between Chairman Hensarling and the Cornerstone Credit Union League. We appreciate the chairman asking us to visit with him and we look forward to working with him on this legislation.”
CUNA noted that the trade association and the state credit union leagues are launching a multilayered advocacy campaign designed to activate credit union members nationwide to get involved in the advocacy fight in the 115th Congress.
Meanwhile, in Dallas, Hensarling met with Cornerstone CU League President/CEO Dick Ensweiler, Chief Advocacy Officer Jim Phelps, and lobbyist Jim Hyland. Much of the discussion also had to do with the Financial CHOICE Act, which Cornerstone called a legislative priority for 2017.
The league said Hensarling welcomed Cornerstone's suggestions to provide regulatory relief for credit unions of the group. The CCUL said it also encouraged the chairman to consider the necessity of including an exemption from Consumer Financial Protection Bureau rules for credit unions in his bill to effect significant regulatory relief.
"A working exemption for credit unions is essential to stop the one-size-fits-all approach to rulemaking under the CFPB," explained Ensweiler.
Also discussed during the meeting was Cornerstone's desire to repeal the Durbin amendment. “Language in the CHOICE Act would eliminate the Durbin amendment, but credit unions and bankers will have to work hard to activate and execute grassroots support for the repeal of the Durbin amendment,” the league said.
Finally, Cornerstone said it shared with Rep. Hensarling the need for supplemental capital for credit unions, strengthening dual chartering, and hopes for legislation to improve the ability for credit unions to make member business loans. Cornerstone also expressed its support for creating a board at CFPB, but expressed concern about putting NCUA under the appropriations process.