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News Now

Washington
Congress could correct some reg reforms CUNA says
WASHINGTON (8/26/10)—Though the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law just before the August congressional recess began, Credit Union National Association (CUNA) Vice President of Legislative Affairs Ryan Donovan said that the Congress may consider technical corrections and other changes, possibly before the end of the year. According to Donovan, a technical corrections bill is "almost a certainty" given the size and the complexity of the legislation. As the legislation is implemented, CUNA may identify areas that are problematic to credit unions and will address statutory concerns with Congress. "We will be following the implementation of this legislation. As we identify areas that need correction, we will be working with Congress to make those corrections," Donovan said. Donovan spoke during a Wednesday CUNA audio conference. Jeff Bloch, CUNA senior assistant general counsel, hinted that the rulemaking process itself could prove to be a drawn out affair, with many of the rules not being finalized until after their prospective effective dates. The panelists again emphasized that a small percentage of the total number of reforms will impact credit unions. Many of the rules will be written by the yet-to-be-established Consumer Financial Protection Board (CFPB) but could be taken on by the Federal Reserve if the establishment of the CFPB is delayed. One set of rules that will likely not directly impact credit unions are new remittance restrictions, CUNA Special Projects Counsel Michael Edwards said. During the development of the regulatory reforms, CUNA encouraged Sen. Chris Dodd (D-Conn.) to consider exempting credit unions or, more broadly, exempting transactions that are routed through programs administered by the major central banks, including Fedwire, Fed Global ACH, NACHA ACH, and the SWIFT system, from the remittance provisions.


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