WASHINGTON—A House subcommittee cleared a spending bill last week that does include some regulatory relief provisions found in the House-passed Financial CHOICE Act, but also reduces funding for the Community Development Financial Institutions Fund and eliminates it for the NCUA's Community Development Revolving Loan Fund.
But the big point of contention for credit union is in a provision calling for NCUA to be placed under congressional appropriations, as CUToday.info reported here. Both CU trade groups have vowed to fight that provision.
Cleared on voice vote by the House Financial Services and General Government Appropriations Subcommittee, the package also includes a measure that would remove the CFPB's authority to regulate for unfair, deceptive and abusive acts or practices (UDAAP).
"NAFCU thanks subcommittee members for including some regulatory relief measures in this spending bill, but we will continue to focus on keeping the NCUA out of appropriations," said Brad Thaler, NAFCU's vice president of legislative affairs. "As this spending bill moves to the full committee, we will also continue to push for full funding for the CDFI Fund and CDRLF."
Last week, NAFCU joined with other trades to urge appropriators to include language converting the CFPB's leadership structure from a single director to a five-member, bipartisan commission. Currently, neither the CHOICE Act nor this spending package addresses this change. NAFCU has been active in pressing for full funding of the CDFI Fund and Revolving Loan Fund in fiscal 2018, the trade association noted.