House-passed spending bill includes FI provisions; includes 2-year delay on CU capital rule

The House on Thursday completed consideration and passed a House appropriations financial services bill nearing that reflects provisions similar to some contained in the recently unveiled JOBS Act 3.0, including modifications of banking organizations’ living will requirements, stress testing for nonbanks and credit union risk-based capital requirements.

The bill was passed on a vote of 217-199, with 15 Republicans and 184 Democrats voting in the negative. No Democrats voted in favor.

Here’s a brief run-down of some of the key provisions in the package, H.R. 6147:

  • Increase to two years for the required resolution planning process for banking organizations supervised by the Federal Reserve and Federal Deposit Insurance Corp. (FDIC);
  • Stress test relief for nonbanks that are supervised by trading markets regulators and the Federal Housing Finance Agency;
  • Creation of an Office of Independent Examination Review within the Federal Financial Institutions Examination Council (FFIEC), plus establishment of an independent process for appealing material supervisory findings;
  • Creation of an inspector general position within the Bureau of Consumer Financial Protection;
  • A revision in Volcker Rule requirements regarding some smaller community banks;
  • A two-year delay, to Jan. 1, 2021, in the effective date of the National Credit Union Administration (NCUA) risk-based capital rule for credit unions.

The package now heads to the Senate.