House to consider FSGG bill w/ CUNA-backed reg. relief

June 20, 2016

The U.S. House will consider its Financial Services and General Government (FSGG) Appropriations Act for 2017 (H.R. 5485) this week, among a number of other bills. The bill, passed 30-17 by the House Appropriations Committee earlier this month, contains a number of CUNA-supported regulatory relief provisions.

The bill contains language that would change the leadership structure of the Consumer Financial Protection Bureau (CFPB) to a five-person board, require the CFPB to study the use of arbitration before issuing any new regulations and would stop the CFPB from proceeding with its short-term, small-dollar loan proposal.

Consideration of H.R. 5485 is likely to begin Wednesday, and streaming will be available on

CUNA will also be monitoring several hearings this week, including:

  • Tuesday, 10 a.m. (ET): Senate Banking Committee will conduct its semiannual monetary policy report with Federal Reserve Chair Janet Yellen;
  • Wednesday, 10 a.m. (ET): The House Financial Services Committee will hear from Yellen as part of her semiannual monetary policy report
  • Thursday, 10 a.m. (ET): House Small Business Committee hearing titled “Damaging Repercussions: Department of Labor’s Overtime Rule, Small Employers and their Employees;”and
  • Thursday, 10 a.m. (ET): Senate Banking Committee hearing titled “Bank Capital and Liquidity Regulation Part II: Industry Perspectives.”