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News Now

Washington
Reg reform discussion continues with debate amendments
WASHINGTON (5/3/10)--Movement on regulatory reforms should pick back up this week, with amendments potentially being offered tomorrow. Dozens of amendments are expected to be introduced on Tuesday. The full Senate legislation, which was introduced by Sen. Chris Dodd (D-Conn.) earlier this year, would allow the Federal Reserve to continue to oversee both large banks and smaller state-chartered banks while also adding authority over some non-bank financial firms to the Fed's list of responsibilities. Dodd has also proposed an independent Bureau of Consumer Financial Protection (BCFP) to write and regulate rules for financial firms. While the BCFP would limit the National Credit Union Administration's oversight of credit unions to credit unions with under $10 billion in assets, CUNA has asked that the NCUA be allowed to retain full authority over the credit union system, regardless of asset size. CUNA has also asked legislators to narrow the definition of remittances, as the current definition is "overly broad" and would make it far more difficult for credit unions to continue to offer any form of international electronic fund transfer services to their members. CUNA has stayed in contact with federal authorities, including representatives of the U.S. Treasury, as this financial reform legislation has moved through the House and, now, the Senate, and has advocated for credit unions at every step of the process. Democrats late last week assured their Republican colleagues that the legislation, as currently written, would not provide for future taxpayer-funded bailout of failing financial institutions.


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