WASHINGTON–The House of Representatives has passed HR 3354, an appropriations bill that contains a number of provisions of interest to credit unions.
As CUToday.info reported here, the bill keeps NCUA out of the congressional appropriations process and also includes changes to the Consumer Financial Protection Bureau.
“The many regulatory relief provisions in this bill, as well as the removal of language placing NCUA under appropriations, is a direct result of CUNA, the leagues, credit unions and members strongly advocating on behalf of 110 million credit union members,” said CUNA President/CEO Jim Nussle in a statement. “These last few days are a blueprint to future advocacy work for the credit union industry, and we urge all stakeholders to help us keep up the momentum as the bill moves to the Senate.”
Changes to the CFPB in the bill, which have the backing of credit unions, include:
- Removal of the CFPB’s unfair, deceptive or abusive acts or practices authority
- Placement of the CFPB under the appropriations process
- Repeal the CFPB’s authority to write rules for arbitration
- Repeal the CFPB’s Small Business Data Collection program
The bill also contains provisions to provide community financial institution mortgage relief, and a safe harbor for certain loans held in portfolio.
The bill does, however, cut the Treasury’s Community Development Financial Institutions (CDFI) Fund by $58 million from FY17 levels.