WASHINGTON House Financial Services Committee Jeb Hensarling, who chairs the Republican Conference Committee, told more than 4,000 attendees to CUNA’s Government Affairs Conference this morning his conference will oppose attempts being pushed by the bankers to repeal the credit union tax exemption.
“If I have anything to do with it, there will not be taxation of credit unions,” said Hensarling, kicking off the second day of the GAC.
Hensarling also described his efforts to dismantle key parts of the Dodd-Frank Act, saying he opposes the Durbin amendment setting caps on debit interchange and the Consumer Financial Protection Bureau. He said a recent court ruling jeopardizing last year’s recess appointment of Richard Cordray to head the fledgling agency brings into question the legality of new mortgage, credit card and other rules recently enacted by the CFPB. “There were so many aspects of the Dodd-Frank Act I disagreed with,” said the Texas lawmaker.
But Hensarling, who has never supported the increase in the member business loan cap, was silent on it and other important parts of the credit union agenda, including a bill to allow credit unions to raise supplementary capital, which will have to move through his committee. Without the committee’s support, the MBL and capital bills have little chance of passing this Congress.