CUNA supports CFPB leadership, funding reforms in House appropriations bill

CUNA wrote in support of several credit unions priorities in the House FY24 Financial Services and General Government (FSGG) bill Wednesday. The House is expected to consider the bill on the floor this week.

“This legislation includes funding for critical programs that provide underserved communities with access to mainstream financial services and alternatives to predatory lenders,” the letter reads. “The bill also provides for much-needed reforms to the Consumer Financial Protection Bureau (CFPB). Specifically, CUNA supports and applauds the bill’s provisions to reform the CFPB’s structure and funding mechanism.”

The legislation contains language to replace the single CFPB director with a five-member commission, and place the CFPB under the appropriations process, both longtime CUNA priorities.

CUNA also urged the House to increase funding in certain key areas:

• $500 million for the Treasury’s Community Development Financial Institutions (CDFI) Fund.
• $6 million for NCUA’s Community Development Revolving Loan Fund.
• Additional funding for the Financial Crimes Enforcement Network.