Removing Barriers Blog

House Passes Financial Services Appropriations Bill
Posted July 08, 2016 by CUNA Advocacy

This week, the U.S. House of Representatives passed the FY2017 Financial Services and General Government (FSGG) Appropriations Act (H.R. 5485) by a mostly partisan vote of 239-185. This bill included several CUNA-supported provisions addressing regulatory burden from the CFPB. We recently sent a letter to Speaker Ryan and Minority Leader Pelosi, urging the House to pass this bill. 

During the lengthy debate period preceding the vote, Rep. Steve Stivers (R-OH) referenced our recent letter to CFPB Director Richard Cordray, which outlined our concerns with the recent short-term, small-dollar proposed rule. Stivers referenced the letter in connection with an amendment to the FSGG bill that would delay the rule’s implementation.

 “The Independent Community Bankers of America and the Credit Union National association recently wrote to the CFPB to voice their strong opposition to this rule, they fear that this rule will force them out of the short term credit market and stop them from serving millions of consumers across our country,” Stivers said.

Other amendments in this package would offer regulatory relief in mortgage lending, the Foreign Account Tax Compliance Act, the Telephone Consumer Protection Act and more.

The CFPB released its small dollar/payday proposal last month, and we are concerned about the effect it could have on a number of consumer-friendly credit union products.

The appropriations bill also funds a number of credit union programs, including the NCUA’s Community Development Revolving Loan Fund, Treasury’s Community Development Financial Institutions Fund and the Small Business Administration’s 7(a) and 504 loan programs. Despite passage in the House, the future of this bill is uncertain.