WASHINGTON—The House Appropriations Committee worked late into the evening last week marking up a fiscal 2018 spending package on financial services and general government.
The approved bill contains some regulatory relief measures, but continues to include reduced funding for the Community Development Financial Institutions Fund and eliminates all funding for the NCUA's Community Development Loan Fund, NAFCU reported. Both of those moves have been widely opposed by credit unions.
The package, reported favorably out of committee on a vote of 31-21, awaits House action.
During mark-up, an amendment was introduced to fully fund the CDFI Fund to fiscal 2017 levels, but it failed along a 22-30 party-line vote. NAFCU and CUNA have also urged restoration of CDRLF funding, and a managers amendment has been approved which has restored $2 million to that fund. Other amendments, were also offered to change the CFPB's governance from a single director to a five-person commission and to keep the NCUA's funding out of the appropriations process. Both were ultimately withdrawn without a vote as members pledged to keep working on them.
NAFCU said it will continue to pursue its recommended changes to the package as it moves through the legislative process.
In a letter to the committee, NAFCU urged the panel to approve $250 million in funding for the CDFI Fund, restore funding for the NCUA's Community Development Loan Fund, provide for a five-member CFPB commission and keep the NCUA out of appropriations.
However, the spending package does include, among other things, a NAFCU-backed measure that would remove the CFPB's authority to regulate for unfair, deceptive and abusive acts or practices (UDAAP), NAFCU noted.