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CFPA percolating vote could come today
WASHINGTON (10/15/09)--Votes and debate on a host of financial reforms will continue today as House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) on Wednesday said that further consideration would be delayed until later in the week. A vote on the Over-the-Counter Derivatives Markets Act of 2009 is expected to take place this morning. Frank did not say when a final vote on H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act of 2009, could take place, but hinted that he would like to “move quickly” on the legislation, even though his committee has until Friday to potentially move the legislation forward. Frank targeted this afternoon for further debate on that legislation. A managers’ amendment from Frank, which includes changes to portions of the bill addressing examination and pre-emption, is expected to be discussed later today. Rep. Jeb Hensarling (R-Texas) spoke against the CFPA legislation, calling it a “new, large, draconian” agency with “sweeping powers” that would be based on “subjective opinions of what is abusive.” Some “non-controversial” amendments were offered on Wednesday afternoon, and a host of amendments to the CFPA legislation have been filed, one of which is a proposal to set a $1.5 billion asset trigger for credit unions and a $10 billion asset level for banks in terms of prudential regulator examination and enforcement authority. CUNA Vice President of Legislative Affairs Ryan Donovan said that CUNA “would not be in support of any legislative language that divides credit unions by setting different treatment by asset size.” Donovan added that the outcome of the amendment is unclear, and that secondary amendments which would be more favorable to credit unions may be offered. Even still, Donovan said, there may also be opportunity to further affect the legislation after mark-up. CUNA also expressed concern over a managers’ amendment to the CFPA legislation that would address remittances. In a joint letter with World Council of Credit Unions President/CEO Pete Crear and CUNA President/CEO Dan Mica highlighted the potential for increased costs as one drawback of this amendment. The amendment would also slow down the remittance process. The letter also criticized an amendment to the Federal Credit Union Act that is redundant with existing authority and could limit the capabilities of federal credit unions and their regulator. The letter noted that there are “many outstanding questions regarding this section of the manager’s amendment and its effect on the remittance services credit unions currently offer their members,” adding that while Mica and Crear hoped that the Committee would address their concerns during mark-up, they would “be happy” to work with committee members before the House begins consideration of the legislation.


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