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News Now

Washington
Reg reform up for Senate vote this week
WASHINGTON (4/19/10)—The Senate early this week is expected to begin debate on Chris Dodd’s (D-Conn.) financial regulatory reform package, and the Credit Union National Association continues to watch for any developments that may affect credit unions and seek improvements to portions of the bill that would affect credit union business practices. Dodd’s bill, as currently written, would allow the National Credit Union Administration (NCUA) to retain its role as the independent federal safety and soundness regulator for credit unions. The legislation would also create a Bureau of Consumer Financial Protection that would establish consumer protection rules for all providers of financial services. While the BCFP’s rules would apply to all credit unions, the Bureau’s examination authority over credit unions would be limited to credit unions with more than $10 billion in total assets. CUNA has urged Dodd and the Senate to increase the $10 billion threshold or include language in the bill, similar to language in the House-passed version of this legislation, that would permit the Bureau to delegate examination of very large credit unions to the NCUA. CUNA has also held recent discussions with the Committee regarding the remittance and data collection provisions of the bill. While public statements on the bill have been fiercely partisan, it is believed that Dodd and Ranking Republican Richard Shelby (R-Ala.) continue to discuss key issues behind closed doors. When the Senate returns this week, Senators will consider a procedural motion to proceed to consider the regulatory restructuring bill. If that motion passes, debate will begin on the legislation. However, it is unclear what path the bill will take if the procedural motion fails.


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