House Financial Services Committee advances its portion of budget reconciliation

The House Financial Services Committee passed its portion of budget reconciliation Wednesday with language making several changes to the CFPB. America’s Credit Unions wrote to the committee in support of those provisions prior to the markup and urged lawmakers to support the credit union tax status in future reconciliation work.

The House Financial Services Committee section contains language to:

• Reduce the CFPB’s authority to draw funds from the Federal Reserve to 5% of the Fed’s total operating expenses (it’s currently capped at 12%), ensuring it would be able to function, but would need Congressional appropriations as a funding source; and
• Require the CFPB to return to the general fund of the U.S. Treasury any civil penalties remaining in the Civil Penalty Fund that remain after payment to direct victims.

America’s Credit Unions’ advocacy team attended Wednesday’s markup and engaged with committee members afterward.

Each House committee will release and mark up its section of the House reconciliation bill over the next few weeks. Tax provisions fall under the purview of the House Ways and Means Committee, which is expected to mark up its bill later in March. Following markups, the next step is to send the bills to the House Rules Committee to assemble one complete bill.