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House Committee Continues CHOICE Act Discussions Today
Friday, April 28, 2017 6:20 AM

The House Financial Services Committee will continue hearings on Rep. Jeb Hensarling's (R-Texas) Financial CHOICE Act today. The bill, HR 10, includes Durbin interchange amendment repeal and other Dodd-Frank Act reforms.

On Wednesday, committee members discussed Dodd-Frank Act's impact on the current regulatory environment, and cited smaller financial institutions, such as credit unions.

Also on Wednesday, ranking member Rep. Maxine Waters (D-Calif.) announced that committee Democrats submitted a letter requesting the second hearing. Committee rules allow the minority party to request a continuation of a hearing under certain circumstances.

CUNA submitted a letter for the record of Wednesday’s hearing, highlighting positive aspects of the legislation, noting concerns, and providing additional suggestions for regulatory relief provisions.

The CHOICE Act 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 and mandate agency budget transparency. However, there are also areas of concern, such as a proposal to subject the NCUA to congressional appropriations.

The House Financial Services Committee is reportedly seeking to mark-up the Financial CHOICE Act on Tuesday.