Dodd-Frank Overhaul Takes Center Stage, As GAC Convenes

Dodd-Frank Overhaul Takes Center Stage, As GAC Convenes
February 24, 2017 Marketing GrafWebCUSO

Barring unexpected surprises, President Trump will be at least a couple of miles away from the Washington Convention Center.

But make no mistake, President Trump’s presence will be felt all over CUNA’s annual Governmental Affairs Conference.

Trump speaks to a joint session of Congress on Tuesday evening and could give a clue about his plans to roll back the Dodd-Frank Act—a matter of great interest to credit unions.

House Financial Services Chairman Jeb Hensarling (R-Texas) has not unveiled the latest version of his Financial CHOICE Act—his Dodd-Frank overhaul bill– yet. Hensarling speaks on Wednesday morning, as does new House financial institutions subcommittee chairman Blaine Luetkemeyer.

The two are likely to give at least a few hints about how they intend to roll back the current regulatory regime.

Senate Banking Chairman Mike Crapo (R-Id.) also speaks Wednesday morning. Crapo has not given any indication of how he intends to approach regulatory reform, so his presentation is likely to be watched closely.

House Financial Services ranking Democrat Maxine Waters (D-Calif.) also speaks Wednesday. Waters already has made it clear that she and other committee Democrats intend to mount a vigorous defense of Dodd-Frank, and in particular the always controversial CFPB.

On Tuesday, the two remaining NCUA board members, Republican J. Mark McWatters and Democrat Rick Metsger are scheduled to speak. Shortly after Trump was sworn in, he designated McWatters as chairman, replacing Metsger.

The two have worked closely together during the past several months.