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NAFCU is closely following a subcommittee mark-up slated today on an appropriations bill that, while including some of the House-passed Financial CHOICE Act's regulatory relief, would also reduce funding for the Community Development Financial Institutions Fund and eliminate it for NCUA's Community Development Revolving Loan Fund.

The Financial Services and General Government Appropriations package includes, among other things, a NAFCU-supported measure that would remove the CFPB's authority to regulate for unfair, deceptive and abusive acts or practices (UDAAP).However, it includes another, opposed by NAFCU, that would place the NCUA under congressional appropriations.

"NAFCU appreciates lawmakers' inclusion of some regulatory relief, but we are continuing to focus on keeping the NCUA out of appropriations," said Brad Thaler, NAFCU's vice president of legislative affairs. "We are also continuing to push for full funding for the CDFI Fund and CDRLF."

Last week, NAFCU joined with other trades to urge appropriators to include language converting the CFPB's leadership structure from a single director to a five-member, bipartisan commission. Currently, neither the CHOICE Act nor this spending package addresses this change. NAFCU is also pressing for full funding of the CDFI Fund and Revolving Loan Fund in fiscal 2018 (see related story).

Thaler said NAFCU will be watching the outcome of today's mark-up for its impact on credit unions' regulatory burden as well as the CDFI Fund and CDRLF. The association will continue to engage the committee as the bill moves through the legislative process, he said.