The House Financial Services Committee is scheduled to begin its discussions of proposed legislation on revamping the regulations of the financial services industry next Wednesday.

According to a tentative schedule being circulated by the committee, it is set to tackle the Consumer Financial Protection Agency as early as Wednesday, once it finishes dealing with derivatives. The panel is allowing three days for discussion of the CFPA.

The CFPA has become one of the most controversial parts of the legislation, with representatives of financial services trade associations contending that it would add to the regulatory burden of their members. Credit unions contend it would not only add to the burden, but also confuse credit unions, who might receive one set of instructions from the NCUA and another from the CFPA.