WASHINGTON–Markup on a bill of strong interest to credit unions, the Financial CHOICE Act (HR 10), will begin today at 10 a.m. ET in the House Financial Services Committee.
The legislation includes language for items both backed by and opposed by credit unions.
The CHOICE Act contains Durbin interchange amendment repeal and other Dodd-Frank Act reforms that have the backing of credit unions. But CUNA’s chief advocacy officer, Ryan Donovan, noted a Republican member of the committee could insert an amendment that would strike the language repealing the Durbin Amendment, a move he said the trade group would “strongly oppose.”
“We expect several-dozen other amendments,” said Donovan. “Our understanding is the committee process is going to be pretty tight and we don’t expect those amendments to be viable. But we do expect this mark-up will be quite long; it could go a day or two. We will be actively engaged in it.”
As CUToday.info reported here, both CUNA and NAFCU have identified areas where they support the CHOICE Act and where they have “concerns.”
In addition, former NCUA Chairman Michael Fryzel is calling on credit unions to oppose a provision in the CHOICE Act that gives Congress the authority to appropriate the NCUA budget. Fryzel’s thoughts on the issue can be found here.
Separately, NAFCU said it will be watching these hearings this week:
- The Senate Banking Committee on Thursday will examine the reauthorization of the National Flood Insurance Program. Slated for 10 a.m. ET, the hearing includes witnesses from the Association for State Floodplain Managers and others.
- The Senate Budget Committee will hold a hearing at 10:30 a.m. ET Wednesday on private sector growth and the economy. Witnesses include representatives from the American Enterprise Institute and National Federation of Independent Businesses.
Both NAFCU and CUNA Monday sent letters to the HFSC on the CHOICE act. Both letters can be found in CUToday.info's The gov.