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.
