The U.S. House Appropriations subcommittee on financial services and general government passed its appropriations bill Wednesday by voice vote, a bill that contains a number of positives for credit unions. The bill includes CUNA-supported provisions to improve the structure of the Consumer Financial Protection Bureau (CFPB), and increased or stable amounts for certain credit union development funds.
Provisions in the bill would bring the CFPB under the annual congressional appropriations process, change the leadership to a five-person commission and require the bureau to study the use of arbitration clauses prior to issuing any regulation.
CUNA believes that placing the CFPB under the appropriations process is a step toward ensuring credit unions are not further burdened with regulations. It also believes that a five-person commission represents sound public policy by bringing many voices to the table.
CUNA is also concerned that the bureau’s recent arbitration proposal is inappropriate for credit unions and could serve to deny credit union members an efficient alternative to litigation.
The draft bill also maintains or increases funding levels for several important community funds, including: