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Cornerstone Meets with House Financial Services Committee Chairman to Discuss CHOICE Act
Friday, December 16, 2016 7:00 AM

On Wednesday, Cornerstone President/CEO Dick Ensweiler, Chief Advocacy Officer Jim Phelps, Texas Credit Union Association President Jeff Huffman, and Cornerstone's D.C.-based lobbyist Jim Hyland met with U.S. House Financial Services Committee Chairman Jeb Hensarling (R-Dallas) to discuss the Financial CHOICE Act and Cornerstone's legislative priorities moving into 2017.

Rep. Hensarling welcomed Cornerstone's suggestions to provide regulatory relief for credit unions of the group. Some of the topics discussed included incorporating HR 3048 by Rep. Roger Williams (R-Austin) in the CHOICE Act.

Cornerstone encouraged the chairman to consider the necessity of including an exemption from Consumer Financial Protection Bureau rules for credit unions in his bill to effect significant regulatory relief. "A working exemption for credit unions is essential to stop the one-size-fits-all approach to rulemaking under the CFPB," explained Ensweiler.

Also discussed during the meeting was Cornerstone's desire to repeal the Durbin amendment. Language in the CHOICE Act would eliminate the Durbin amendment, but credit unions and banks will have to work hard to activate and execute grassroots support for the repeal of the Durbin amendment.

Finally, Cornerstone shared with Rep. Hensarling the need for supplemental capital for credit unions, strengthening dual chartering, and hopes for legislation to improve the ability for credit unions to make member business loans. Cornerstone also expressed its support for creating a board at CFPB, but expressed concern about putting NCUA under the appropriations process.

Rep. Hensarling shared his hopes with Ensweiler, Phelps, Huffman, and Hyland to advance the bill in the Financial Services Committee in early 2017 and pass it in the House by midyear.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.