Congress passed a continuing resolution Wednesday, a legislative mechanism to fund government operations through Dec. 9. The resolution was necessary because the parties negotiating a final deal to fund these government operations for fiscal year 2017 anticipated that they would be unable to reach an agreement by Friday, the end of FY 2016.
While averting a federal government shutdown, the bill does not include any of the regulatory relief provisions that CUNA lobbied for and achieved in the House-passed Financial Services and General Government (FSGG) Appropriations Act for FY 2017.
CUNA continues to lobby Congress to include these same regulatory relief provisions in the final “omnibus,” or similar legislation that will passed by Congress after the November elections to fund the remainder of fiscal year 2017.
The original House bill, which passed in July, includes significant relief for banks and credit unions, including:
The committee report also contained a number of other items of interest to credit unions, details on which can be found here.
The bill also funds key programs that assist low-income credit unions that serve underserved areas and members of modest means, and maintains funding for the two Small Business Administration programs that are crucial to credit unions.
Several other appropriations bills contain positive items from CUNA’s perspective, including:
For more detail on these bills, see CUNA’s Removing Barriers Blog.
CUNA continues to monitor this situation and lobby congressional appropriators to achieve the maximum amount of regulatory relief possible through the appropriations process.