Committee to mark up financial services reg reform bill

Sept. 9, 2016 – Legislation that would essentially replace the Dodd-Frank legislation passed in the wake of last decade’s financial crisis –   and includes provisions Increasing the size of the NCUA Board from three to five members, and requiring the agency annually to accompany its budget with a report detailing the overhead transfer rate – is scheduled to be marked up by the House Financial Services Committee on Tuesday.

Chairman Jeb Hensarling (R-Texas) has brought the 513-pages “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs” (CHOICE Act, H.R. 5983) to the committee to offer amendments, vote on it, and (if passed) send to the House floor.

With regard to the size of the NCUA Board, NASCUS’ Lucy Ito wrote this summer to Hensarling and committee Ranking Member Maxine Waters (D-Calif.) suggesting the provision be expanded to include designation of a seat for a state credit union regulator.

Other provisions included in the CHOICE Act include allowing for an 18-month exam cycle for certain credit unions, and placing the federal financial institution regulatory agencies in the appropriations process “so that Congress can exercise proper oversight.”


Draft CHOICE legislation

Ito letter on five-member NCUA Board, state regulator designation