This week in Washington sees a victory for credit unions. On Sunday night, Congressional negotiators came to an agreement on a spending bill that will fund the government through the end of September. Included in this agreement is $248 million for the Community Development Financial Institution Fund and $2 million for the Community Development Revolving Loan Fund. Both levels represent strong funding for these programs, which the Trump administration had proposed not funding.
Today’s work in Washington will bring more news relevant to credit unions as the House Financial Services Committee is expected to begin consideration of H.R. 10, the Financial CHOICE Act. H.R. 10 is Chairman Jeb Hensarling’s Dodd-Frank Act replacement legislation.
The Committee held two days of very partisan hearings last week. In the first hearing, the Republican majority highlighted the need for a repeal of the Dodd-Frank Act due in part to overly burdensome regulations, the CFPB and its structure, and the high cost of compliance which is promoting the consolidation of community financial institutions including credit unions. On the other side, the Democrats continued to promote and protect the Dodd-Frank Act and its intended goal to shield Americans from the need of another financial bailout.