Last week, the U.S. House of Representatives passed H.R. 6147, the Financial Services and General Government Appropriations Act of 2019, legislation that was supported by Maine’s own Congressman Bruce Poliquin. This important spending bill delays the NCUA’s risk-based capital rule to 2021, and increases funding for the Community Development Financial Institutions Fund from $216 million to $248 million.

Additional provisions that would benefit credit unions include:

  • Placing the Bureau of Consumer Financial Protection (BCFP) under the appropriations process;
  • Give the president the authority to remove the BCFP director; and
  • Enhancing Congressional review of BCFP rulemaking.

The bill also includes languages from several CUNA-supported bills, such as:

  • Mortgage Choice Act (H.R. 1153), which would remove certain premiums and title insurance from the points and fees calculation;
  • Privacy Notification Technical Clarification Act (H.R. 2396), would “provide credit unions sufficient flexibility to ensure that members have access to the privacy policy pertinent to their relationship with the credit union;
  • TRID Improvement Act of 2018 (H.R. 5078), which would amend the Real Estate Settlement Procedures Act to require the Bureau of Consumer Financial Protection to allow the accurate disclosure of title insurance premiums and any potential available discounts to homebuyers;
  • Common Sense Credit Union Capital Relief Act (H.R. 4464), which would delay NCUA’s risk-based capital rule;  and
  • Bureau of Consumer Financial Protection–Inspector General Reform Act, which would create an independent inspector general at the CFPB.