WASHINGTON–CUNA said it is encouraged by changes that have been made by House Financial Service Chairman Rep. Jeb Hensarling (R-TX) to the Financial CHOICE Act, and is hopeful those changes will help the bill to move forward toward a vote on the House floor.
The bill includes a number of credit union-backed reg relief measures, many related to the CFPB, including changing its name to the Consumer Financial Opportunity Agency, make its executive director subject to removal by the president at will, and eliminate the CFPB's supervisory authorities, leaving it with enforcement authority only with respect to enumerated consumer protection laws.
Ryan Donovan, CUNA’s chief advocacy officer, said there is now enough interest in the House Financial Services Committee to “take first bite of the apple here,” including some sort of hearing, which could then lead to mark up and floor consideration in the Spring or early summer.
“In order for reg relief and financial reform to come about, we need the House to take action,” said Donovan.
Congress remains in recess and will resume next week. It has an April 28 deadline for passing legislation to fund the federal government.