Removal of Durbin Amendment Clears Path for House Vote on the Financial CHOICE Act

According to an article published in The Hill, the House of Representatives is slated to vote on the Financial CHOICE Act next week when Congress returns from its Memorial Day recess. The House Rules Committee announced Friday that lawmakers have until June 2nd to submit amendments to the legislation. Consideration of the CHOICE Act follows the removal of the Durbin Amendment repeal provision, which threatened the advancement of the bill.

The Durbin Amendment, which passed as part of the Dodd Frank Act in 2010, caps the interchange transaction fee received by a debit card issuer.

Though the repeal was initially part of House Financial Services Committee Chairman Hensarling's Financial CHOICE Act when it was approved by the Committee, it will not be a part of the legislation when it hits the House floor. Chairman Hensarling said of the removal, "We won't let this one provision hinder passage of an important priority bill that will end bank bailouts and help renew economic growth for all Americans."

For more information on how the Choice Act could impact the securitization market, click here to register for the SFIG Review of 2017 Financial CHOICE Act – member wide call.

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