"CUNA's voice, which represents the nation's credit unions and 100 million members, will bring a strong message to Congress about the negative impact regulatory burden has had on credit unions, how they fared in the financial crisis, and how the provisions in Title I would help credit unions without jeopardizing safety and soundness," Nussle said.

Several witnesses are scheduled to testify at the 10 a.m. hearing, including Jim Purcell, chairman of the State National Bank of Big Spring in Hensarling's home state. He is also chairman of the Texas Bankers Association.

CUNA has endorsed major provisions of Hensarling's legislation.

The bill contains – among other things – proposals to create an 18-month exam cycle for some credit unions, convert the CFPB's leadership into a commission and repeal the Volcker rule.

The proposal would essentially repeal the Dodd-Frank Act and replace it with a new regime that includes a plan that would require Congress to approve any significant financial regulation.

Known as the Financial CHOICE Act, the plan would also put all financial regulatory agencies on a budget.

The legislation contains a myriad of regulatory changes that Republicans have pushed during the past several years. The bill is unlikely to become law this year since Congress probably will not consider such sweeping legislation before leaving town to campaign.

In addition, President Obama has threatened to veto a FY17 Financial Services appropriations bill that contains the CFPB provisions.