Newsroom

April 19, 2017

Hensarling releases new 'CHOICE Act' details

House Financial Services Chairman Jeb Hensarling, R-Texas, released a discussion draft of legislative language for the updated version of his "Financial CHOICE Act" today.

He also announced that a committee hearing on the bill is set for April 26 at 10 a.m. Eastern.

The draft revised Financial CHOICE Act would repeal the Durbin interchange amendment and implement other reforms of the Dodd-Frank Act, a number of which NAFCU has been seeking for credit unions. The draft bill is expected to be introduced before month end.

Key provisions in the bill impacting credit unions include:

• requiring regulatory agencies to improve their cost-benefit analyses and better tailor regulations to the size of regulated institutions;
• preserving the NCUA Board's current three-member structure (last year, a five-member board was contemplated) and mandate agency budget transparency;
• subjecting the NCUA to the congressional appropriations process;
• bringing reforms to the examination process of financial institutions to ensure an independent and fair appeals process;
• converting the CFPB into a consumer law enforcement agency without supervision authority, eliminating many of its powers including its authority with respect to unfair, deceptive or abusive acts and practices (UDAAP);
• subjecting the CFPB to the congressional appropriations process.

NAFCU staff are reviewing the draft text. The association is committed to seeking regulatory relief for credit unions through all possible channels – both legislative and regulatory.