The U.S. House passed the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2017 (H.R. 5485) late Thursday night with a 239-185 vote. The future of the bill, which contains a number of CUNA-supported regulatory relief provisions, is unclear.
CUNA wrote to House leadership last month urging passage of the bill. During debates on the House floor, Rep. Steve Stivers (R-Ohio) referenced a CUNA letter to the Consumer Financial Protection Bureau (CFPB) outlining concerns with the bureau’s proposed short-term, small-dollar lending rule.
H.R. 5485 would require additional CFPB analysis on the proposal, which CUNA is concerned could impact many consumer-friendly credit union products.
The bill would also:
Additional information on H.R. 5485 can be found in News Now’s previous coverage.