The House Financial Services Committee will begin a markup of Chairman Jeb Hensarling's (R-Texas) overhaul of the financial regulatory system on Sept. 13, the committee announced Thursday.
Known as the Financial CHOICE Act, the legislation would repeal much of Dodd-Frank.
While the legislation is very unlikely to become law this year, the proposal may serve as the starting point for debate next year. Several of the proposal's controversial provisions have been included in House appropriations measures, but have been rejected by the Senate.
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Democrats have said that the proposal would eliminate much-needed reforms to the financial system that became apparent during the financial crisis.
The bill would expand the NCUA board to five members and make the agency's budget subject to the appropriations process. It also contains several provisions to rein in the CFPB.
The legislation would provide regulatory relief for banks and credit unions meeting an asset level of 10%. CUNA President/CEO Jim Nussle said earlier this summer that about 65% of credit unions would be eligible for that regulatory relief.
Nussle said that while CUNA supports some of the plan's provisions, he believes that Hensarling's proposal provides more regulatory relief for banks than it does for credit unions.
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