WASHINGTON—Passage last week by the House of Representatives of the Financial CHOICE Act means the attention of CUNA and NAFCU is now focused on the Senate’s version of the bill. But odds are expected to be long for passage of the companion legislation in the Senate.
As CUToday.info reported, in a vote along party lines, the House of Representatives last week voted 233-186 to pass HR 10. The legislation is designed to replace much of Dodd-Frank, and includes provisions credit unions support and other provisions credit unions oppose.
The Financial 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. Credit unions also oppose provisions that would move NCUA’s budget under the congressional appropriations process.
Several analysts have said they do not expect companion legislation to pass in the Senate.
CUNA Chief Advocacy Officer Ryan Donovan said the trade association recognizes that a lot of work remains to be done to get the legislation signed into law.
“We will continue to work with the Senate in the coming weeks,” said Donovan. “We will continue to push them on how the regulatory scheme should be structured for credit unions and small banks so they could more fully serve their members, customers and communities. We are pleased that the House passed the Financial CHOICE Act, but the work is not done and we are not going to let up.”