House May Consider NCUA, CFPB Funding as Part of Spending Measure
The House will consider amendments that would keep the NCUA and the CFPB outside the appropriations process, as it continues debate on a massive spending bill that would keep large parts of the federal government open past the end of the month.
In considering several hundred amendments to the 1,300-page bill, the House Rules Committee agreed Wednesday to allow the NCUA and CFPB amendments to go to the House the floor.
The bill would fund large parts of the federal government past Sept. 30—the end of the current fiscal year.
The Rules Committee also agreed to allow debate on an amendment that would restore CFPB authority to regulate small-dollar loans. As written, the appropriations measure would prohibit the agency from regulating payday loans.
The CFPB is expected to issue a final rule regulating the loans within the next several weeks.
The bill still incorporates large parts of the Financial CHOICE Act, House Financial Services Chairman Jeb Hensarling’s (R-Texas) legislation to overhaul the Dodd-Frank Act. The House already has passed the CHOICE Act, but it has not been considered by the Senate.
The Rules Committee rejected many amendments that would have deleted parts of the CHOICE Act from the funding measure.
House Financial Services Appropriations ranking Democrat Mike Quigley (D-Ill) said the CHOICE Act provisions should not have been included in the funding measure. He said it amounted to an “88-page authorizing bill that has no place on this bill.”
The future of the spending measure is uncertain. The Senate has not yet released its Financial Services appropriations measure. And congressional leaders and President Trump may agree on a temporary spending measure that would extend federal funding without regard to individual appropriations bills.
Still, the huge House spending measure serves as a marker for House priorities in any negotiations with the House and Senate.
“This legislation today represents the House priorities and shows the American people that this chamber is moving forward, governing effectively, and getting things done in Washington,” House Appropriations Committee Chairman Rodney Frelinghuysen (R-N.J.) said, as the House began debate on the measure Wednesday night.