WASHINGTON—The Financial CHOICE Act is scheduled to be marked up Tuesday by the House Financial Services Committee.
The Financial CHOICE Act, drafted by committee Chairman Jeb Hensarling (R-TX), includes a repeal of the Durbin amendment and would also provide relief for well-capitalized institutions from certain regulatory restrictions imposed by functional regulators.
The Choice Act also includes language to expand the NCUA board from three to five members, subject the NCUA budget to congressional appropriations approval, establish a Credit Union Advisory Council at NCUA, require annual budget hearings for NCUA, provide greater transparency on the overhead transfer rate, and require 18-month examination cycles for well-run credit unions with under $1 billion in assets.
NAFCU stated that it strongly supports the Durbin repeal provision and a number of regulatory relief provisions in the bill. The trade association said it is also closely reviewing several provisions for their impact on credit unions.
NAFCU shared comments on the discussion draft with Hensarling in July. A revised draft of the bill is expected to be released before the mark-up, NAFCU said.