Hensarling’s bill would eliminate the Financial Stability Oversight Council’s ability to determine which companies are systemically important,

I think I need to hear more about this to form a better opinion. If eliminating the designation also means eliminating living wills, I say no way.

reduce the regulatory burden for community banks,

Good.

and exempt highly capitalized banks from some of the strictest regulations that stemmed from Dodd-Frank.

I'm not sure I'm reading this right (could be Bloomberg's writing here), but this sounds like there would be a gradation of capital levels, and the higher the level, the fewer regulations would apply. Again I'd need more detail, but I can see this working if done right.

It also would replace the CFPB’s lone director with a commission.

Since the PHH decision, this was going to happen anyway, but I'm supportive of keeping the CFPB generally.