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

The omnibus spending bill – which will fund the government through Sept. 30, 2016 – includes several provisions that affect credit unions, including one that requires the NCUA to report appropriate capital requirements for mortgage servicing assets to Congress as part of its risk-based capital rule. Additionally, the package included the Cybersecurity Information Sharing Act, which encourages faster sharing of cyber threat information between the government and businesses.

The law would also require the CFPB to open its committee and subcommittee meetings to the public, as well as ensure that information shared between federal financial regulators and state regulatory agencies is kept confidential.

CUNA said it was disappointed that Congress “was unable to do more to reach an agreement on the bipartisan issues impacting small financial intuitions that would garner significant regulatory relief 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 and our members thank the Senate for approving measures to keep our government working. We look forward to the President signing the bill into law.”

The President is expected to sign the bill into law.

Instant Insights /

Omnibus Spending Bill Passes House, Senate

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