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Government Spending Bill Signed into Law
Monday, December 21, 2015 6:40 AM

On Friday, President Barack Obama signed into law the 2016 government spending bill. The Senate passed the bill with a 65-33 vote, while the House passed it with a 316-113 vote.

The $1.1 trillion spending bill is a catch-all measure that combines separate 2016 appropriations for government spending into one bill. The legislation has been combined with a package of tax "extenders," approved by the House Thursday, and by the Senate Friday. The package will fund the government through Sept. 30, 2016.

Positive provisions in the bill for credit unions include a study of requirements involving mortgage servicing assets and cybersecurity information-sharing among the government and private industry.

The bill also contains funding for the National Credit Union Administration's Community Development Revolving Loan Program ($2 million), the Treasury’s Community Development Financial Institutions Fund ($233.5 million) and the U.S. Agency for International Development’s Cooperative Development program ($11 million).

The tax provisions extend tax cuts on debt forgiven by mortgage lenders from the taxation of gross income.

CUNA expressed disappointment that Congress was unable to do more to reach an agreement on the bipartisan issues impacting small financial intuitions that would garner significant regulatory relief for credit unions and their more than 100 million members.