Durbin called the vote historic, noting that previously, there had been a general understanding that legislative measures – including legislation that would bring changes to the organization of federal agencies – do not move on appropriations legislation.

Shelby's amendment, Durbin noted, was larger than the measure he attached it to, and thus became the amendment that ate the bill.

"Why are you doing this?" Durbin asked before Appropriations Committee Chairman Thad Cochran (R-Miss.) gaveled the debate to a conclusion.

The legislation now moves to the full Senate for approval.

"The agencies funded by this bill touch the lives of every American household," Cochran said. "This legislation makes responsible choices to help ensure that federal actions are helpful and not burdensome. I appreciate the challenges in putting this bill together and commend Senator Boozman for his leadership in overcoming them to present the Senate with a strong bill for its consideration."

Reaction from credit union trade associations has been terse but approving.

"We appreciate Sen. Shelby's efforts on behalf of state credit unions, and look forward to working with him as this bill moves through the Senate process," NASCUS President/CEO Lucy Ito said.

CUNA Chief Advocacy Officer Ryan Donovan also approved, but made the point that this was but one step on a longer road.

"CUNA greatly appreciates Senator Shelby's commitment to regulatory relief for small depository institutions," he said. "The legislation includes three specific credit union provisions and several other significant regulatory relief provisions that would reduce burdensome regulations, which have negatively impacted credit unions, their members and their communities. This is one step in the process; we have a long way to go."

However, not every organization approved of the vote. The Consumer Federation of America released a statement in advance of the committee action that argued against its passage.

"While we have not seen the full text, nor the full scope of the problems, we know that the bill threatens the viability of the CFPB by drastically weakening its funding mechanism, organizational structure and reporting requirements," the organization wrote in its statement. "On the fifth anniversary of Dodd-Frank, occurring this week, tying the hands of the CFPB is contradictory to what American consumers need and expect."