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The House Financial Services Committee on Tuesday will hold its first hearing on the "Financial CHOICE Act," draft legislation meant to be an alternative to the Dodd-Frank Act and authored by committee Chairman Jeb Hensarling, R-Texas.

The hearing, "Making a Financial Choice: More Capital or More Government Control?" is slated for 10 a.m. Eastern July 12.

Late last month, Hensarling released a discussion draft of the legislative text. It includes a NAFCU-supported repeal of the Durbin amendment and 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.