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Resolution Requesting Repeal of Dodd-Frank Act Passes Texas House
Wednesday, May 20, 2015 7:00 AM

The Texas House passed HCR 26 by Rep. Dan Flynn (R-Van), a House Concurrent Resolution that urges the Congress of the United States to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

Rep. Flynn’s resolution asserts that maintaining healthy financial institutions and the insurance industry is necessary to protect the economic growth and well-being of Texas, and that the Dodd-Frank Act poses a major threat to these industries, limiting their ability to work efficiently and creating regulatory burdens that threaten their viability. 

The resolution expresses concern over the increased regulation imposed on small financial institutions by the CFPB and the impact on credit unions and community banks with the addition of increased regulation on interchange fees as a result of the Durbin amendment. It does not provide adequate scrutiny of Wall Street yet it punishes smaller financial institutions by curtailing products and services that can be offered and limiting credit availability.

The resolution instructs the Texas secretary of state to forward official copies of this resolution to the president of the United States, to the president of the Senate and the speaker of the House of Representatives of the United States Congress, and to all the members of the Texas delegation to Congress with the request that this resolution be entered in the Congressional Record as a memorial to the Congress of the United States of America.

The House passed the resolution 116 to 25. The resolution now goes to the Senate for consideration.

Contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.