Yesterday afternoon, the credit union movement scored a second critical win on the floor of the House of Representatives when the House passed H.R. 3354, the legislative vehicle for the Financial Services and General Government appropriations bill and the other seven remaining appropriations bills. The first win occurred the previous day with the adoption of the Amodei-Aguilar Amendment.
The FSGG legislation contains a number of provisions important to credit unions, including provisions that would bring the CFPB under the appropriations process, reform its UDAAP authority, and add more checks and balances to the CFPB rulemaking process. Other relief provisions include the repeal of the CFPB Small Business Loan Data Collection program, and repeal of the CFPB’s authority to write rules for arbitration. In addition, the bill provides for community financial institution mortgage relief as well as “safe harbor” for certain loans held on portfolio.
In the original House Subcommittee bill, the Community Development Revolving Loan Fund, funded at $2 million in fiscal year 2017, was defunded in this bill. The CDRLF assists credit unions serving low-income communities. However, in the full committee markup in July, Congresswoman Jaime Herrera Beutler (R-WA) worked with FSGG Chairman Tom Graves (R-GA) to include $2 million in the “Manager’s Amendment” to fully restore funding to the CDRLF.
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