NAFCU will closely monitor Wednesday’s House Financial Services Committee hearing on the draft “Financial CHOICE Act” as it continues its analysis of the measure’s full impact on credit unions and their members.

Committee Chairman Jeb Hensarling, R-Texas, released a discussion draft of the CHOICE Act last week. The draft, contains numerous NAFCU-sought measures, including Durbin interchange amendment repeal and other Dodd-Frank Act reforms. However, there are also areas of concern, such as a proposal to subject the NCUA to congressional appropriations.

The draft bill, at 593 pages long, 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 (last year, a five-member board was contemplated) and mandate agency budget transparency.

The measure is expected to be introduced as legislation before the end of the month. Wednesday’s hearing is slated for 10 a.m. Eastern.

 

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