Live: Nussle Testifies on Dodd-Frank Overhaul at House Financial Services Committe Posted by Association of Vermont Credit Unions on 10:56 AM

Beginning at 10 AM on Tuesday, 7/12, CUNA President/CEO Jim Nussle will testify Tuesday before the House Financial Services Committee on Chairman Jeb Hensarling’s (R-Texas) plan to overhaul the Dodd-Frank Act.  Nussle spent eight terms in the House as a Republican from Iowa and served as chairman of its Budget Committee.

Nussle plans to deliver a message on the negative impact regulatory burden has had on credit unions, how they fared in the financial crisis, and how the provisions in a proposed overhaul of Dodd-Frank would help credit unions without jeopardizing safety and soundness. Other witnesses include:

• Jim Purcell, chairman of the State National Bank of Big Spring in Hensarling’s home state, and chairman of the Texas Bankers Association.
• John Allison, Chairman of the Executive Advisory Council of the Cato Institute’s Center for Monetary and Financial Alternatives, former Chairman and CEO, BB&T
• Jeremy Newell, Executive Managing Director, General Counsel and Head of Regulatory Affairs, The Clearing House Association LLC
• Alex Pollock, Distinguished Senior Fellow, R Street Institute
• Adam Levitin, Professor of Law, Georgetown University Law Center

Hensarling's plan, called the Financial CHOICE Act, is endorsed in part by CUNA. It proposes an 18-month exam cycle for some credit unions, converting the CFPB’s leadership into a commission and repealing the Volcker rule, among other things. It 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, and 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 pass before Congress adjourns for the 2016 election season.

Watch the testimony live at http://financialservices.house.gov/