WASHINGTON—House Financial Services Committee Chairman Jeb Hensarling (R-TX) outlined his committee’s plans for regulatory relief for financial institutions during remarks at the Exchequer Club in Washington yesterday, NAFCU reported.
Hensarling spoke of developing “a 2.0 version” of the Dodd-Frank Act, and he touted his “Financial CHOICE Act” (HR 5983), which was passed by the committee in September. NAFCU said it has praised many of the bill’s initiatives for credit union regulatory relief, and that it strongly supports a provision that would repeal Dodd-Frank’s Durbin amendment. Hensarling said he expects the bill may come to the House floor in early 2017.
Hensarling also said the committee will stop the CFPB’s proposed payday lending rule and the Labor Department’s fiduciary rule. Hensarling added that his committee will work with the Trump administration and push bills with bipartisan support, NAFCU reported.