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The House today passed a fiscal 2018 spending package (H.R. 3354), which contains some NAFCU-sought regulatory relief provisions and NAFCU-sought funding for the NCUA Community Development Revolving Loan Fund.

"NAFCU appreciates lawmakers including much-needed regulatory relief for the credit union industry in this 2018 spending package," said NAFCU President and CEO Dan Berger. "We will continue to push to roll back unnecessary regulations so credit unions can better serve their communities and 110 million members."

In a victory for credit unions, the spending package that passed today 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. The bill also repeals the bureau's ability to write arbitration rules and require the collection and reporting of small-business data. It would also provide qualified mortgage relief to certain mortgage loans held in portfolio. These provisions were also passed by the House earlier this year as part of the NAFCU-backed Financial CHOICE Act.

NAFCU will continue to follow this spending package as it moves through the legislative process, although most observers expect the Senate to prepare its own measure rather than consider the House bill.

On Wednesday, during consideration of the package, the House approved an amendment that eliminated a provision in the bill that would have wrapped the NCUA into the congressional appropriations process. Backed by NAFCU and pressed further by credit unions in their own contacts with lawmakers, the amendment was offered by Reps. Mark Amodei, R-Nev., and Pete Aguilar, D-Calif.

Credit unions and NAFCU over the past week have been asking lawmakers to support the amendment. Hundreds of credit union representatives that were in Washington earlier this week for NAFCU's Congressional Caucus also asked their lawmakers to support the amendment during one-on-one Capitol Hill meetings.