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NAFCU will closely monitor Wednesday's House Financial Services Committee hearing on the draft "Financial CHOICE Act" as it continues its analysis of the measure's full impact on credit unions and their members.

Committee Chairman Jeb Hensarling, R-Texas, released a discussion draft of the CHOICE Act last week. The draft, contains numerous NAFCU-sought measures, including Durbin interchange amendment repeal and other Dodd-Frank Act reforms. However, there are also areas of concern, such as a proposal to subject the NCUA to congressional appropriations.

The draft bill, at 593 pages long, would require regulatory agencies to improve their cost-benefit analyses and better tailor regulations to the size of regulated institutions. It would also preserve the NCUA Board's current three-member structure (last year, a five-member board was contemplated) and mandate agency budget transparency.

The measure is expected to be introduced as legislation before the end of the month. Wednesday's hearing is slated for 10 a.m. Eastern.

NAFCU this week is also following developments regarding a bill to authorize continued federal government spending to avoid a government-wide shutdown on Friday. Additionally, the association is watching for any discussion of the Community Development Financial Institutions Fund program, which President Donald Trump proposed eliminating in his draft budget released in March; and for regulatory relief-related legislation being wrapped into any future spending bill. Trump has also said he hopes to release his tax plan this week.

NAFCU will keep its members apprised of any actions taken by Congress that will have an impact on the credit union industry. Credit unions are encouraged to reach out to their members of Congress and urge them to support regulatory relief measures as part of an ongoing campaign through NAFCU's Grassroots Action Center.

In other events this week:

• NAFCU's CEOs and Senior Executives Conference begins Wednesday in Miami Beach, Fla. Read NAFCU Today for daily updates.
• A NAFCU webcast set for April 26 will focus on the rules surrounding information sharing as it relates to third parties, marketing and privacy concerns.
• On Wednesday, the Senate Homeland Security and Governmental Affairs Committee will examine duplication, waste and fraud in federal programs during a hearing.
• On Thursday, the House Financial Services Subcommittee on Terrorism and Illicit Finance will hold a hearing titled "Safeguarding the Financial System from Terrorist Financing."
• Also on Thursday, the House Small Business Committee will hold a hearing examining how small businesses are the key to economic growth.