Hensarling releases more reform details, includes NCUA Board expansion

House Financial Services Chairman Jeb Hensarling, R-Texas, has released additional details of his broad outline for replacing the Dodd-Frank Act that include expansion of the NCUA Board from three to five members – a move NAFCU has opposed.

That’s not all the outline has that would affect credit unions. In addition, it calls for establishment of a Credit Union Advisory Council at NCUA, advances legislation to require annual budget hearings at NCUA and proposes new legislation to require greater transparency on NCUA’s overhead transfer rate (OTR).

Hensarling has previously said his draft legislation, dubbed the “Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act,” would provide relief to community financial institutions, repeal the Durbin amendment on debit interchange and allow credit unions to appeal exam findings more easily.

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