ARLINGTON, Va.—Credit unions indicated support for Congress' attempts to implement the regulatory relief reforms found in the Financial CHOICE Act (HR 10), particularly the proposed repeal of the Durbin interchange amendment, according to NAFCU's latest Economic & CU Monitor survey.
HR 10 recently passed the House Financial Services Committee and awaits action by the House.
Regarding the Durbin amendment, a majority of credit union survey respondents reported that their current per-transaction debit interchange rates for debit or PIN transactions are somewhat or significantly lower than their pre-Durbin rates, NAFCU explained.
"Additionally, about half of the respondents reported somewhat or significantly lower current per-transaction rates for signature transactions, as compared to their rates before the Durbin amendment was implemented," the Monitor found.
Credit union respondents to the survey also were favorable toward provisions in the CHOICE Act that would roll back the CFPB's unfair, deceptive, and abusive acts and practices (UDAAP) authority. Credit union respondents noted that the CFPB's "aggressive, frequent and wide-ranging" UDAAP enforcement actions have forced the industry to become overly cautious in the services and products they offer to their members due to uncertain UDAAP compliance risks.
This month's Monitor also points to continued strong member, loan and share growth for the credit union industry. Delinquencies and net charge-offs remain low and survey respondents anticipate little change to loan performance over the next 12 months.