Reports: House CHOICE bill to be marked up May 2

April 24, 2017 -- A financial regulatory reform bill – the focus of a hearing this week before the House Financial Services Committee -- will be marked up next week, according to news reports today.

The Financial CHOICE bill – drafted by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), but which has not yet been introduced in the House – will be marked up by the committee on May 2, at least two news organizations were reporting today. However, the reports also indicated that the outlook for the bill on the House floor is uncertain. Additionally, the Senate is not expected to take action on the subject of financial regulatory reform anytime soon, the reports noted.

The CHOICE bill will be the subject of a hearing set for Wednesday (at 10 a.m.) before the Financial Services Committee.

A provision contained in the draft CHOICE bill would require that resources from the National Credit Union Share Insurance Fund (NCUSIF) used for the agency’s annual budget – such as through the overhead transfer rate (OTR) -- be detailed in an individual report. The report would contain a detailed analysis of how the expenses of the agency are assigned between “prudential activities and insurance-related activities” and the extent to which the expenses are paid from the fees collected from federal credit union operating fees, or from the NCUSIF through the OTR.

Additionally, the draft bill states, the agency must include a “supporting rationale” for any proposed use of NCUSIF funding in its budget, “including detailed breakdowns and supporting rationales for any such proposed use” and make the report available to the public.

LINK:

April 26 hearing notice (and witness list) for Financial CHOICE bill