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Durbin Repeal to Be Stripped from HR 10
Thursday, May 25, 2017 6:40 AM

News reports in the last few hours indicate that U.S. House leadership will be removing the Durbin repeal language from HR 10 before it is voted from the House. Financial Services Committee Chairman Jeb Hensarling (R-Dallas) has indicated that the repeal of the Durbin amendment that he has been fighting for will have to be removed from the Choice Act due to lack of support from other House members. Hensarling had been advocating to repeal the onerous Durbin amendment that had been included at the last-minute in the Dodd-Frank Act.

"We are disappointed that the House will not be including repeal of the Durbin amendment in the Choice Act," said Cornerstone Credit Union League President/CEO Caroline Willard. "This important provision would have benefitted credit union members across the nation, letting the free market work. I want to thank all the credit unions in the Cornerstone region for contacting their members of Congress to support repeal of the Durbin amendment. We will continue urging Congress to address this price setting law."

A vote in the House on the Choice Act is expected in early June. 

"We appreciate Chairman Hensarling fighting to address the problems with the Durbin amendment and his leadership on working for badly needed regulatory relief for credit unions," said Jeff Huffman, Texas Credit Union Association president. "We look forward to working with him and other lawmakers on common-sense solutions to the regulatory onslaught from D.C."

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