WASHINGTON — The House of Representatives is preparing to vote on Thursday on a bill intended to make sweeping changes to the financial regulatory system.

If enacted, the Financial Choice Act will roll back major portions of the Dodd-Frank Act of 2010 and change significant aspects of the bank oversight process. It was outlined a year ago by Representative Jeb Hensarling of Texas, the Republican chairman of the House Financial Services Committee.

Here are some of the most significant changes in the nearly 600-page Financial Choice Act:

The Consumer Agency

The Consumer Financial Protection Bureau, a core creation of Dodd-Frank, would be significantly overhauled by the bill. The bureau would be restructured as an executive-branch agency with a single director who could be removed at will by the president. Right now, the director — currently Richard Cordray — can be removed only for cause.

Image Richard Cordray, the director of the Consumer Financial Protection Bureau. Credit... Brennan Linsley/Associated Press

The legislation would also strip the agency of its supervisory and examination authority. It would also remove the bureau’s authority to police “unfair, deceptive, or abusive acts and practices.” Under the plan, the agency would lose its oversight of the payday loans market and arbitration agreements — two areas where it has sought reforms. The bureau would be renamed the Consumer Law Enforcement Agency.