Rep. Dennis Heck (D-Wash.), one of the original sponsors of the bill, took the mark-up off track when he proposed an amendment that would reauthorize the Export-Import Bank. Committee Chairman Jeb Hensarling (R-Texas) declared the amendment to be not germane to the underlying legislation and the amendment was tabled by a 28-23 vote.

Support of the stop and study bill was mostly partisan, with Republicans generally supporting it and Democrats in opposition.

Rep. Scott Garrett (R-N.J.) noted the bill addressed the harm that may be occurring to the American people as a result of actions by the NCUA.

Committee Ranking Member Maxine Waters (D-Calif.) said she opposed the bill.

“When we have regulators who are willing to take the responsibility to make sure they're dealing with the risk in their agency, we should be supportive,” she said. “I'll ask members to oppose this bill because it interferes with our regulators' ability to do what we've asked them to do, implement Dodd-Frank and prevent another financial crisis.”

NAFCU, which has strongly supported the legislation, was pleased with the bill's progress.

“We appreciate Chairman Jeb Hensarling's leadership efforts to advance regulatory relief for community financial institutions, including credit unions,” NAFCU Vice President of Legislative Affairs Brad Thaler said. “The vote today is a step in the right direction to protect credit unions from the unnecessary and costly consequences of NCUA's second risk-based capital proposal.”

H.R. 2769 was introduced by Reps. Heck, Stephen Fincher (R-Tenn.) and Bill Posey (R-Fla.).

Other bills passed by the committee include H.R. 1266, which would remove the CFPB from within the Federal Reserve system and re-establish it as a stand-alone agency governed by a five-member, bipartisan commission, and H.R. 957, which would create an independent Inspector General for the CFPB who is nominated by the president and confirmed by the Senate.