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From Banking and Finance Law Daily, May 30, 2017

Amendments already proposed for Financial CHOICE Act

By Lisa M. Goolik, J.D.

The House Committee on Rules intends to meet the week of June 5, 2017, to create a structured amendment process for floor consideration of the Financial CHOICE Act (H.R. 10). In advance of the meeting, Chairman of the Financial Services Committee Rep. Jeb Hensarling (R-Texas) and Committee Member Rep. Stephen Lynch (D-Mass) have already proposed amendments to the bill. The full text of H.R. 10, a section-by-section analysis, and the Report from the Committee on Financial Services, Book 1 and Book 2, are also available to the public.

Hensarling amendments curb agency authority. Hensarling proposed a number of amendments to the bill that would further restrict the regulatory agencies’ authority. Among other changes, Hensarling has proposed to change the effective date of the bill’s provisions that would subject the Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and Office of the Comptroller of the Currency to the appropriations process from "90 days after the enactment of the first appropriations Act that provides for appropriations to the [agency]" to Oct. 1, 2017.

In addition, Hensarling proposed to revise section 727 of H.R. 10, which restricts the supervisory authority of the Consumer Financial Protection Bureau, to provide that the Consumer Law Enforcement Agency will have primary supervisory authority for "very large institutions"—depository institutions and credit unions with total assets greater than $10 billion.

The proposed revisions would also strike section 735. The section repeals section 1075 of the Consumer Financial Protection Act of 2010, effectively prohibiting the Federal Reserve Board from regulating interchange transaction fees.

Hensarling also released a summary of the proposed amendments.

Lynch proposes to retain fiduciary duty rule. Lynch proposed an amendment that would strike section 841 of the bill. Section 841 would repeal the Department of Labor’s controversial fiduciary duty rule, which would expand the definition of a fiduciary to include those that manage retirement offerings.

Amendment process clarified. According to the Rules Committee’s announcement, any Congressman wishing to offer an amendment must submit a searchable electronic copy, along with 30 hard copies, a copy of a brief explanation of the amendment, and an amendment login form to the Rules Committee by 10:00 a.m. on June 2, 2017. Amendments must be drafted in the nature of a substitute, which is based on the text of H.R. 10 as reported by the Committee on Financial Services, with modifications.

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