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1 1 (March 7, 2018)

handle is hein.crs/govciuw0001 and id is 1 raw text is: I Cong ressin, l Rese rch Sevice Financial Regulation: FY2018 Appropriations and the Financial CHOICE Act (H.R. 10) Updated March 7, 2018 Background On September 14, 2017, the House passed H.R. 3354, which included the FY2018 Financial Services and General Governnent (FSGG) Appropriations bill in Division D. The Senate Appropriations Committee released an FY2018 FSGG chairmen's mark on November 20, 2017, but further action has yet to occur on the bill. Much of the federal government, including agencies covered by FSGG appropriations, has been operating for the first part of FY2018 under successive continuing resolutions (P.L. 115-56, P.L. 115-90, P.L. 115-96, P.L. 115-120, and P.L. 115-123), now effective through March 23, 2018. Although financial services are a focus of the FSGG bill, the bill does not actually include funding for most of the financial service regulators. Instead, this funding comes through a variety of sources, including fees or assessments on regulated institutions. (See CRS Report R43391, Independence of Federal Financial Regulators: Structure, Funding, and Other Issues.) Federal regulation of the banking industry is divided among the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB). In addition, credit unions are regulated by the National Credit Union Administration (NCUA), and the housing government-sponsored enterprises are regulated by the Federal Housing Finance Agency (FHFA). None of these agencies receive their primary funding through the appropriations process. Federal securities regulation is divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), both of which are funded through appropriations bills. CFTC funding is appropriated from the general fund, whereas the SEC funding is offset through fees collected by the SEC. Financial CHOICE Act Provisions Although funding may not be provided by the FSGG bill, legislative provisions affecting financial regulation in general and some financial regulatory agencies specifically have often been included in FSGG bills. The provisions in Titles IX and X of H.R. 3354 (Division D) are identical, or nearly identical, to some sections in the Financial CHOICE Act (H.R. 10), which passed the House on June 8, 2017. (For more information, see CRS Report R44839, The Financial CHOICE Act in the 115th Congress: Selected Policy CRS INSIGHT Prepaed for Membeis and Corm ni2tees o4 Congr'ess ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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