WASHINGTON—The House Appropriations Financial Services and General Government (FSGG) Subcommittee approved the House FSGG Appropriations Act for fiscal year 2019 by a voice vote last week.
The legislation contains several regulatory relief provisions.
CUNA noted that several of these provisions align with the trade association’s Campaign for Common-Sense Regulation, including:
- Delaying the effective date NCUA’s risk-based capital rule to January 2021, past the current January 2019 date
- Placing the Bureau of Consumer Financial Protection (BCFP) under the appropriations process
- Give the president the authority to remove the BCFP director
- Enhancing Congressional power under the Congressional Review Act of 1996
Other Language in Bill
The bill also includes language from several CUNA-backed bills, including:
- Mortgage Choice Act (HR 1153), which would remove certain premiums and title insurance from the points and fees calculation
- Privacy Notification Technical Clarification Act (HR 2396), would “provide credit unions sufficient flexibility to ensure that members have access to the privacy policy pertinent to their relationship with the credit union
- TRID Improvement Act of 2018 (HR 5078), which would amend the Real Estate Settlement Procedures Act to require the Bureau of Consumer Financial Protection to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers
- Common Sense Credit Union Capital Relief Act (HR 4464), which would repeal NCUA’s risk-based capital rule
- Bureau of Consumer Financial Protection–Inspector General Reform Act, which would create an independent inspector general at the BCFP