In the wake of the House of Representatives passing the $1.5 trillion omnibus spending bill, the House Committee on Financial Services touted several provisions included in the measure.
The omnibus legislation, which is slated to keep the government open and federal agencies funded for the remainder of the fiscal year, is being considered by the Senate.
The House Committee on Financial Services noted the bill includes a series of panel priorities, including the Adjustable Interest Rate (LIBOR) Act establishing a legal and regulatory process for certain financial contracts referencing the LIBOR not containing sufficient language allowing them to continue to function as originally intended after LIBOR is discontinued.
The legislative provisions also include the Credit Union Governance Modernization Act, which reforms the process governing expulsion of Federal credit union members, providing Federal credit unions the option to either expel a member under the current bylaws or pursuant to a new policy adopted by the National Credit Union Administration (NCUA) Board.
Additionally, CARES Act Testimony is folded into the omnibus bill as a means of reducing the frequency of testimony the Treasury Secretary and the Chair of the Federal Reserve must provide before the House Financial Services Committee and the Senate Committee on Banking, Housing and Urban Affairs regarding respective agency obligations under the CARES Act from quarterly to semiannually.
The omnibus measure also extends National Flood Insurance Program (NFIP) authorization through Sept. 30, 2022.