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News Now

Washington
Senate Banking to start reg reform votes today
WASHINGTON (3/22/10)--The Senate Banking Committee later today will hold its first markup session on Sen. Chris Dodd’s (D-Conn.) financial regulatory reform legislation. The hearing, which will take place in the Dirksen Senate Office Building at 5 p.m. ET, will focus on Dodd’s recently introduced Restoring American Financial Stability Act of 2010. That legislation 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's proposal also allows the National Credit Union Administration (NCUA) to maintain its independence and excludes credit unions with $10 billion or less in assets from the oversight authority of a proposed consumer watchdog. Dodd’s bill in general would increase protections for consumers of both regulated and currently unregulated financial products and would create an Orderly Liquidation Fund to wind down damaged financial services providers in some cases. The Credit Union National Association (CUNA) last week encouraged Dodd to consider adding language that gives his proposed Bureau of Consumer Financial Protection (BCFP) "the authority to delegate examination authority for large credit unions to the prudential regulator" rather than limiting the NCUA authority to credit unions with under $10 billion in assets. CUNA also promoted "permitting the BCFP to delegate examination authority for large credit unions to NCUA."


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