WASHINGTON — The House and Senate have approved major spending and tax packages, which are now en route to the White House to be signed into law.
Lawmakers unveiled the $1.1 trillion appropriations deal and the $622 billion "tax extenders" plan earlier this week, after many weeks of negotiations.
The financial services industry failed to secure major regulatory relief or changes to the Dodd-Frank Act in the budget deal, though the legislation does include a key housing finance reform provision that prohibits the sale of the Treasury Department's stake in Fannie Mae and Freddie Mac without congressional approval, along with several other smaller financial services items. The bill also includes language passed by both chambers earlier this year that encourages the sharing of cybersecurity information between government and the private sector.
The tax extenders bill extends for two years provisions regarding the mortgage insurance deduction and the treatment of mortgage debt that's been forgiven through foreclosure or a modification.
NAFCU noted several other CU-supported measures that were included in the bill:
- a provision requiring NCUA to report to Congress on appropriate capital requirements for mortgage servicing assets related to its risk-based capital rule;
- a provision that would require CFPB committee and subcommittee meetings to be open to the public; and
- a provision that would help ensure the confidentiality of information shared between federal financial regulators and state regulatory agencies.
The House passed the tax deal 318-109 on Thursday and the budget legislation 316-113 on Friday morning.
The Senate approved the two measures together on Friday by a vote of 65-33.
President Obama is expected to sign both bills.
