Major shift possible in financial rule-making

Major rules proposed by financial regulators, such as the NCUA, would have to be approved by Congress before they could take effect, according to a draft of the Financial Services Chairman’s Financial CHOICE Act released Wednesday.

The draft, totaling almost 600 pages, includes that provision, which also is found in legislation the House passed earlier this year.

The Financial Services Committee will hold a hearing on the bill on April 26. Witnesses for that hearing have not been announced.

Hensarling’s bill would overhaul Dodd-Frank, decreasing the powers of the CFPB, which would be transformed into a law enforcement agency.


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