A $1.1 trillion spending package with a combined tax cutextension of $680 billion is heading to President Obama's deskafter passing the House and the Senate.

The omnibus spending bill – which will fund the governmentthrough Sept. 30, 2016 – includes several provisions that affectcredit unions, including one that requires the NCUA to reportappropriate capital requirements for mortgage servicing assets toCongress as part of its risk-based capital rule. Additionally, the package included theCybersecurity Information Sharing Act, which encourages fastersharing of cyber threat information between the government andbusinesses.

The law would also require the CFPB to open its committee and subcommittee meetings to thepublic, as well as ensure that information shared between federalfinancial regulators and state regulatory agencies is keptconfidential.

CUNA said it was disappointed that Congress “was unable to domore to reach an agreement on the bipartisan issues impacting smallfinancial intuitions that would garner significant regulatoryrelief for credit unions and their more than 100 million members,”in a statement on its website.

NAFCU President/CEO Dan Berger said in a statement, “NAFCU andour members thank the Senate for approving measures to keep ourgovernment working. We look forward to the President signing thebill into law.”

The President is expected to sign the bill into law.