CUNA-backed FSGG bill passes House Appropriations Committee
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
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
- 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.
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.