WASHINGTON—House Financial Services Committee Chairman Jeb Hensarling told NAFCU Tuesday that his committee has heard credit unions' concerns.
During a NAFCU Capitol Hill reception held in conjunction with the trade association’s Congressional Caucus, Hensarling said, "Unfortunately, Washington is threatening your very existence," referencing the growing regulatory burden facing the industry. Hensarling cited his "Financial CHOICE Act" (HR 5983) as one way to help ease that burden.
A Republican alternative to the Dodd-Frank Act that was passed by the HFSC last week, the CHOICE Act now awaits House action. NAFCU has praised many of the bill's initiatives for credit union regulatory relief and strongly supports its proposed repeal of the Durbin amendment.
Hensarling said he wants to work more with credit unions to address concerns they might have with the bill. He noted his concern that roughly one community financial institution is lost per day due to regulatory overburden.
Several-dozen members of Congress attended the reception.