Newsroom

November 15, 2017

NAFCU reiterates call for CDFI funding, CFPB commission in approps bill

NAFCU Vice President of Legislative Affairs Brad Thaler urged leaders of the Senate Financial Services and General Government (FSGG) Appropriations subcommittee Wednesday to include NAFCU-sought regulatory relief and funding provisions – such as a CFPB commission and full funding for Community Development Financial Institutions Fund – in the panel's fiscal 2018 spending bill.

While the House passed its version of the FSGG funding bill earlier this fall, the Senate has yet to unveil its version of the bill. The current stopgap funding measure for the federal government is set to expire Dec. 8.

Thaler reiterated the association's support for a CFPB commission in light of CFPB Director Richard Cordray's announcement that he'll be stepping down before month's end.

The spending package that passed the House in September, H.R. 3354, also includes a NAFCU-supported measure that would remove the CFPB's authority to regulate for unfair, deceptive and abusive acts or practices (UDAAP) and would wrap the CFPB into the congressional appropriations process.

Thaler also urged the Senate to support the House bill's inclusion of NAFCU-sought funding for the NCUA Community Development Revolving Loan Fund.