House Rules Committee continues debate on reconciliation bill

House Rules Committee members continue their work on the budget reconciliation bill. The meeting began at 1 a.m. Eastern and remains in session as of 7 a.m. Eastern today.

America’s Credit Unions wrote in support of the bill prior to the early Wednesday morning meeting, thanking the House Ways and Means Committee for not changing the credit union tax status in its portion of the bill, and encouraging the Rules Committee to reject any efforts to change the tax status as the bill advances in the House.

The letter also expresses support for provisions in the House Financial Services Committee-passed section of the bill to:

• Modify the CFPB’s authority to draw funds from the Federal Reserve to a maximum of 5% of the Fed’s operating expenses (down from the current 12%), a change that would ensure the CFPB has funding to operate, but would need any additional funds appropriated by Congress; and
• Require the CFPB to return Civil Penalty Fund money back to the Treasury after payment to direct victims only.

The House is working towards holding a vote on the bill before leaving for the Memorial Day recess, but that timing may shift pending negotiations.

Credit union CEOs are encouraged to sign an open letter in support of the tax status by close of business today, and it will be delivered to all House members in advance of a floor vote.