WASHINGTON—The House Rules Committee this week voted 9-4, along party lines, to clear the Financial CHOICE Act for House floor consideration, with a final vote expected today.
The CHOICE Act – introduced by House Financial Services Chairman Jeb Hensarling (R-TX) – includes provisions that would ease some mortgage rules, require a review of appropriate risk capital levels, rein in the CFPB's authorities and more. A credit union-supported provision to repeal the Durbin Amendment, however, has been pulled from the legislation.
A statement of administration policy released Tuesday said the administration, upon passage in the House, "looks forward" to working with the Senate to achieve a final bill, NAFCU reported. Several analysts have said they do not expect companion legislation to pass in the Senate.
NAFCU added that it continues to urge members to contact their representatives about the bill via the association's Grassroots Action Center, which helps credit unions find contact information for their lawmakers.