League sources have obtained information on the soon to be introduced CHOICE Act 2.0. The CHOICE Act, which is aimed at relieving some of the regulatory burden that financial institutions such as credit unions now face, was introduced during the 114th Congress. This new version, for the 115th Congress, has many of the same provisions as the original though some things have changed.
The LSCU Advocacy team has learned that the repeal of the Durbin Amendment capping interchange debit fees does remain, though the chances of its survival in a final product are unknown. Additionally, while the original CHOICE Act had provisions to change the structure of the Consumer Financial Protection Bureau from a one-person director to a five-person Board, this new version keeps a single director; however, the ability to be removed at-will by the President is added.
Additionally, the CFPB would lose all supervisory power and would only be able to enforce complaints. The League will continue to monitor the progress of CHOICE 2.0 and keep you informed as it moves through the legislative process.