CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUNA-backed FSGG bill passes House Appropriations Committee
Press

CUNA-backed FSGG bill passes House Appropriations Committee

June 14, 2018

FOR IMMEDIATE RELEASE    


CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop 

Washington, DC (June 14, 2018) – In a vote late Wednesday night, the House Appropriations Committee passed the Financial Services and General Government (FSGG) Appropriations Act for Fiscal Year 2019. Credit Union National Association (CUNA) wrote a letter supporting the bill as it contains several provisions that provide regulatory relief for credit unions.  

“We support the many regulatory relief provisions included in the Subcommittee draft that would benefit credit unions. It includes a two-year delay to the effective date of the NCUA’s risk-based capital rule, from January 1, 2019 to January 1, 2021,” wrote CUNA President/CEO Jim Nussle. “The bill also includes the Mortgage Choice Act, the Privacy Notification Technical Clarification Act, the Financial Institutions Examination Fairness and Reform Act, the TRID Improvement Act, and the Bureau of Consumer Financial Protection–Inspector General Reform Act.”

The letter outlines programs and provisions that CUNA supports including:

  • Community Development Financial Institutions Fund – urges full funding for the Treasury's CDFI Fund at $250 million
  • Community Development Revolving Loan Fund – funding level of $2 million to assist credit unions serving low-income communities
  • Common Sense Credit Union Capital Relief Act – to delay to the effective date of NCUA's risk-based capital rule by two years 
  • Loan limit designations – for the Small Business Administration 7(a) program (set at $30 billion) and 504 loan program (set at $7.5 billion)
  • Mortgage Choice Act – to remove certain premiums and title insurance from the points and fees calculation act
  • Privacy Notification Technical Clarification Act – to provide sufficient flexibility for credit union members seeking access to the privacy policy
  • TRID Improvement Act – to require the Bureau of Consumer Financial Protection (CFPB) to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers

During the Committees consideration of the bill, an amendment offered by Rep. Steve Palazzo (R-Miss.) passed by voice vote. The amendment adds an additional $25 million to the Committee's recommended level of $191 million for the CDFI Fund.  The amendment increases the total funding in the bill for the CDFI fund to $216 million.
 

###  
About CUNA    
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us