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News Now

Washington
Senate reg reform cloture vote fails
WASHINGTON (5/20/10)—The Senate’s financial regulatory reform package failed to move one step closer to potential passage on Wednesday when the Senate did not agree to bring the legislation to a final vote. The cloture vote, which was brought up by Sen. Majority Leader Harry Reid (D-Nev.) earlier this week, failed to pass by a three vote margin. It is not known when a final vote could happen. Debate on the legislation, which would have ended on Wednesday with the cloture vote, will now continue. One of the many amendments that were recently added would place new restrictions on interchange fees, and the Credit Union National Association is currently working to mitigate the amendment's effects on credit unions. That amendment, which was offered by Sen. Richard Durbin (D-Ill.), attempts to shield credit unions from the impact of the new interchange rules, but CUNA remains concerned over the potential impact that the on credit unions. CUNA is also opposing an amendment from Sen. Sheldon Whitehouse (D-R.I.) that would permit states to apply usury ceilings based on where the borrower resides rather than where the financial institution is located, as well as an amendment that would cap ATM-related fees at 50 cents. That amendment has not been successfully brought up for a vote. CUNA continues to pursue improvements to the legislation in the Senate, and will continue to do so as the bill is conferenced with the House-passed legislation.


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