Late Wednesday, League sources were informed that the Durbin Amendment repeal being sought in the CHOICE Act would be removed from the legislation before being voted on the floor of the House of Representatives. Word is that the Speaker of the House, Paul Ryan, called Chairman Jeb Hensarling to inform him they would be pulling the Durbin repeal provision from the CHOICE Act.
Unfortunately, the repeal was losing support each time it was brought up and had not gained any traction among the undecided votes. While this is a setback in our regulatory relief efforts, there are still plenty of opportunities the League and CUNA will look for to address this issue. Additionally, the CHOICE Act is still an effort at regulatory relief, and the LSCU expects it to receive a House floor vote next month.