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House Financial Services Committee Chairman Jeb Hensarling, R-Texas, will outline his alternative to the Dodd-Frank Act in a speech at the Economic Club of New York tomorrow that will be streamed live on the committee's website.

The Wall Street Journal reports that the reform bill would revoke regulators' power to designate companies as "systematically important" and remove the Volcker Rule. The Volcker Rule limits the ability of financial institutions to grow their non-deposit liabilities and places restrictions on investment-trading activities.

Reports also say the proposal would bring changes to the CFPB, such as moving to a bipartisan commission, and offer extra regulatory relief for community institutions.

NAFCU was the only credit union trade association to oppose subjecting credit unions to CFPB authority under Dodd-Frank, and the association maintains that CFPB has the authority – and should be using that authority – to exempt credit unions from regulations aimed at bad actors.

Lawmakers and regulators, including CFPB, have consistently noted that credit unions did not contribute to the financial crisis and are not the focus of the of the post-crisis measures.