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Comments on Financial CHOICE Act of 2016

On July 15, 2016, OCC submitted a comment letter to the Chairman of the House Financial Services Committee (Committee) on the Discussion Draft of the Financial CHOICE Act of 2016 (Draft). The letter recommends that the Committee clarify that the provisions of Title VI of the Draft that refer to "regulations" and "rules" are not intended to apply to rules of self-regulatory organizations. In addition, the letter provides a brief overview of the potential unintended consequences of repealing Title VIII of the Dodd-Frank Act given the rules, regulations and market evolution currently in place based on provisions in that legislation.

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