House Committee Approves Financial CHOICE Act

On Tuesday, September 13, 2016, the House Financial Services Committee approved (30-26) Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act of 2016 (H.R. 5983).  The 500-plus page bill seeks to rewrite numerous portions of the Dodd-Frank Act and provide regulatory relief to financial institutions.  Importantly, Title III of the bill would reform the structure of the CFPB from a sole-director to a five-member bipartisan commission, among other important reforms.  This title also included a provision to repeal the harmful Durbin Amendment which set price controls on debit interchange fees.  During the bill's markup, several Democratic lawmakers described the bill as the ‘Wrong Choice Act’ and highlighted the recent Wells Fargo consent order as a reason to keep the Dodd-Frank Act and the authority of the CFPB strong.  No amendments were offered and the vote fell along party lines with the exception of one Republican dissenter.

In response to the bill's passage, CBA President and CEO Richard Hunt praised the Committee’s, "CBA reform efforts, particularly the creation of a five-person, bipartisan commission.   

Prior to the markup of the legislation an op-ed penned by Hunt calling for the Durbin Amendment’s repeal was published in The Hill.  Additionally, on Monday, Hunt sent comments on the contents of the bill to Chairman Hensarling.