The discussion draft of the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act was released on April 19, 2017.  A hearing on the draft is scheduled for April 26 at 10:00 a.m. Eastern time and will be streamed live on the House Financial Services Committee’s Website.

Provisions in the Act that impact credit unions include:

• requiring regulatory agencies to improve their cost-benefit analyses and better tailor regulations to the size of regulated institutions,
• preserving the NCUA Board’s current three-member structure and mandate agency budget transparency,
• subjecting NCUA to the congressional appropriations process,
• bringing reforms to examination process of financial institutions to ensure and independent and fair appeals process,
• converting the CFPB into a consumer law enforcement agency without supervision authority, eliminating many of its powers including its authority with respect to unfair, deceptive or abusive acts and practices,
• subjecting the CFPB to the congressional appropriations process.

There are many additional topics included in the Act, such as changes to high cost mortgage triggers and HMDA reporting thresholds, repealing the DOL Fiduciary Rule, and prohibiting governmental price controls over payment card transactions.

I am sure this will be like a political discussion on social media – everyone will have an opinion.  We will have to wait and see.