House Financial Services Chairman Jeb Hensarling (R-Texas) released a discussion draft for his updated "Financial CHOICE Act" providing for the repeal of the Durbin interchange amendment and other Dodd-Frank Act reforms.
In Wednesday's announcement, Hensarling said the measure "grows the economy from Main Street up." 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 mandating 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.
The hearing is set for April 26 at 10 a.m. ET.