House Financial Services Chairman Jeb Hensarling (R-Texas) would retain the three-member NCUA board structure in his plan to overhaul Dodd-Frank – legislation that will be introduced by the end of the month.

The proposal would also decrease the power of the CFPB, but retain the single-director structure of the agency. And it would repeal the so-called Durbin Amendment, which established a cap on debit card interchange fees.

"Chairman Hensarling looks forward to working with the President and his administration to eliminate Dodd-Frank and replace it with the Financial CHOICE Act," Sarah Rozier, the Financial Services Committee's communications director, said. "Our plan, which will be released in the next few weeks, is a bold and visionary plan that protects consumers by holding Wall Street and Washington accountable, ends bailouts and unleashes America's economic potential."