Placing the Consumer Financial Protection Bureau (CFPB) under the appropriations process is a step toward ensuring credit unions are not further burdened with regulations, Credit Union National Association (CUNA) President/CEO Jim Nussle wrote Tuesday. The Taking Account of Bureaucrats’ Spending Act of 2015 (H.R. 1486) is scheduled to be marked up by the House Financial Services Committee today, starting at 10 a.m. (ET).
“Since the inception of the bureau, CUNA has held the position that the most appropriate funding scheme for the bureau would be under the appropriations process,” Nussle wrote. “This would not only provide an additional level of Congressional oversight, but it would also incentivize the bureau to focus its attention on the abusers of consumers.
CUNA previously wrote in support of the legislation to Rep. Andy Barr (R-Ky.), who introduced the bill with 45 co-sponsors, 17 of which are members of the House Financial Services Committee.
“Credit unions did not cause the financial crisis, nor did they contribute to the crisis. Nevertheless, they are being impacted by post-crisis rulemaking that, with rare exception, has been poorly tailored.” Nussle wrote. “H.R. 1486 is a step in the right direction toward ensuring that credit unions and other small financial institutions do not pay for the misdeeds of other entities through additional regulatory burden.”
The committee will also mark up a bill that would repeal Title II of the Dodd-Frank Act, which governs the liquidation of financial institutions.
The markup will be streamed live on the committee’s website.