Creating Influence

Dodd-Frank Alternative Bill Passes House

On June 8th the U.S. House passed Rep. Jeb Hensarling’ s (R-TX) Dodd-Frank alternative bill, the Financial CHOICE Act H.R. 10. This federal bill contains a number of regulatory relief provisions positive for credit unions, which include:

  • Changes to the structure of the Consumer Financial Protection Bureau and how it operates,
  • Improvements to mortgage lending laws,
  • Examination fairness with NCUA, and
  • Safe harbor for reporting elder financial abuse.

Even after passing the House, the bill is nowhere close to being in its final form. It has been commonly known among political insiders that the true work on the bill will be in the Senate, where (hopefully) several of the provisions will be retained and pass. To help shape the bill in the Senate, CUNA board member Dallas Bergl, CEO of INOVA FCU in Indiana, testified in a Senate Banking Committee hearing on June 8th to reinforce the need for common-sense regulations and a departure from the “one size fits all” approach that has negatively impacted credit unions and others. It is unclear when the Senate will address the House bill; however, the timing of this hearing for credit unions is a positive. Stay tuned!

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