An appropriations bill that was passed by the House last week contains a number of important victories for credit unions.

As previously reported in The Point, the bill contains a critical amendment that keeps NCUA out of the appropriations process. The legislation also includes several Association-sought changes to the CFPB.

Most notably, the bill contains language that would:

• place the CFPB under the appropriations process;
• remove the CFPB’s unfair, deceptive or abusive acts or practices authority;
• repeal the CFPB’s authority to write rules for arbitration; and
• repeal the CFPB’s Small Business Data Collection program;

The bill passed with mostly Republican support, with one Democrat and 14 Republicans breaking with their party.

For more information, visit CUNA’s website.