NAFCU-backed CFPB measures passed by appropriations panel

The House Appropriations Subcommittee on Financial Services and General Government yesterday approved legislation that includes NAFCU-sought provisions on CFPB funding and structure, and funds for low-income credit unions and small-business lending.

Approved by voice vote, the $21.7 billion 2017 fiscal year appropriations bill funding the Treasury Department, the Judiciary, the Small Business Administration and other related agencies will move on to the full committee for review.

Included in the bill is a NAFCU-backed provision that would bring CFPB’s funding under the congressional appropriations process. The legislation also includes a NAFCU-sought change to the leadership structure of the bureau from a single director to a five-member commission. NAFCU Vice President of Legislative Affairs Brad Thaler wrote the subcommittee leaders Tuesday to convey the association’s support for the CFPB provisions.

Both House Appropriations Committee Chairman Hal Rogers, R-Ky., and Financial Services and General Government Subcommittee Chairman Ander Crenshaw, R-Fla., touted the legislation and its efforts to rein in agencies such as CFPB. Ranking Member José Serrano, D-N.Y., expressed concerns that the bill limits funding to the bureau.

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