Newsroom

House Financial Services Committee Chairman Jeb Hensarling, R-Texas, released a discussion draft of the legislative text of the "Financial CHOICE Act" late yesterday. He also told reporters that he hopes to hold a mark-up of his Dodd-Frank alternative bill in September, according to Morning Consult.

Hensarling's bill is a comprehensive package designed to reform the financial regulatory system and bring regulatory relief from a number of Dodd-Frank measures, including a NAFCU-supported repeal of the Durbin amendment. It would also provide relief for well-capitalized institutions from certain regulatory restrictions imposed by functional regulators.

The 498-page discussion draft also includes language to expand the NCUA Board from three to five members, subject the NCUA budget to congressional appropriations approval, establish a Credit Union Advisory Council at NCUA, require annual budget hearings for NCUA, provide greater transparency on the overhead transfer rate, and require 18-month examination cycles for well-run credit unions with under $1 billion in assets.

NAFCU is continuing to review the bill for its impact on credit unions. Hensarling has indicated that he welcomes feedback on the comprehensive proposal, which is why it was released as a discussion draft. NAFCU intends to engage the chairman and committee members in this regard.

Hensarling noted, however, that he cannot yet commit to a definite timeline for the bill, the Morning Consult report said.

NAFCU's Congressional Caucus is set for Sept. 18-21 at the Hyatt Regency Washington on Capitol Hill. The deadline for early-bird registration savings is July 15.