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CUs See Significant Reg Relief in House-Passed Appropriations Bill
Friday, September 15, 2017 6:30 AM

The House voted Thursday in favor of HR 3354, an appropriations bill that contains several major victories for credit unions. The bill does keep the National Credit Union Administration out of the appropriations process, a provision that Cornerstone and CUNA advocated for heavily on Capitol Hill.

While the House agreed to keep the NCUA out of the appropriations, it defeated an amendment that would have taken the Consumer Financial Protection Bureau out of the annual funding process. As passed by the House, the legislation contains significant regulatory relief in a measure that would remove the CFPB's authority to regulate for unfair, deceptive, and abusive acts or practices (UDAAP) and would wrap the CFPB into the congressional appropriations process. The bill also repeals the bureau's ability to write arbitration rules and require the collection and reporting of small-business data. It would also provide qualified mortgage relief to certain mortgage loans held in portfolio.

Congress already has passed legislation that will keep the government funded only until December. That means lawmakers will have to revisit the funding issues again before year end, when the current Continuing Resolution funding much of the federal government expires.