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House Draft Budget Would Repeal CFPB, End Guarantee Fee-Offsets
Wednesday, March 16, 2016 6:50 AM

A draft fiscal year 2017 budget from the U.S. House Budget Committee contains a number of other items of interest to credit unions. The proposed budget contains a measure that would prohibit Fannie Mae and Freddie Mac guarantee fees from being used to offset other funding; another would prohibit Federal Reserve dividends from going to banks.

The financial services section also calls for:

  • Repealing the Consumer Financial Protection Bureau;
  • Repealing the Federal Deposit Insurance Corp.’s authority to access taxpayer dollars to bail out large, “systemically significant” financial institutions. In place, it would allow for a system that puts the burden on managers, shareholders, and creditors;
  • The eventual elimination of Fannie Mae and Freddie Mac by calling for the privatization of their operations and an end to their government guarantee and taxpayer subsidies;
  • Incorporating fair value principles to better gain an understanding of the Federal Housing Authority’s financial health; and
  • A repeal of the “worst provisions” in the Dodd-Frank Act.

The draft budget will be marked up today in committee.