The NCUA board would remain at three members and the CFPB's powers would be even more severely curtailed, under changes to a broad Dodd-Frank overhaul bill being contemplated by House Financial Services Chairman Jeb Hensarling (R-Texas).
The three-member board plan is a change from Hensarling's original proposal to expand the NCUA board to five members, according to a committee staff memo obtained by CU Times.
The Feb. 6 memo to the "Financial Services Leadership Team" is a laundry list of changes Hensarling wants to make when he reintroduces his Financial CHOICE Act in the coming weeks. The memo dubs the new legislation as "CHOICE Act 2.0."
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