House passes FSGG Appropriations Bill

Yesterday afternoon, the credit union movement scored a second critical win on the floor of the House of Representatives when the House passed H.R. 3354, the legislative vehicle for the Financial Services and General Government appropriations bill and the other seven remaining appropriations bills. The first win occurred the previous day with the adoption of […]

Yesterday afternoon, the credit union movement scored a second critical win on the floor of the House of Representatives when the House passed H.R. 3354, the legislative vehicle for the Financial Services and General Government appropriations bill and the other seven remaining appropriations bills. The first win occurred the previous day with the adoption of the Amodei-Aguilar Amendment.

The FSGG legislation contains a number of provisions important to credit unions, including provisions that would bring the CFPB under the appropriations process, reform its UDAAP authority, and add more checks and balances to the CFPB rulemaking process. Other relief provisions include the repeal of the CFPB Small Business Loan Data Collection program, and repeal of the CFPB’s authority to write rules for arbitration. In addition, the bill provides for community financial institution mortgage relief as well as “safe harbor” for certain loans held on portfolio.

In the original House Subcommittee bill, the Community Development Revolving Loan Fund, funded at $2 million in fiscal year 2017, was defunded in this bill. The CDRLF assists credit unions serving low-income communities. However, in the full committee markup in July, Congresswoman Jaime Herrera Beutler (R-WA) worked with FSGG Chairman Tom Graves (R-GA) to include $2 million in the “Manager’s Amendment” to fully restore funding to the CDRLF.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

Social Channels

Follow us on all major social media platforms.

Newsletter

Make sure to subscribe to our newsletter and be the first to know the news.