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News Now

Washington
Senate Banking looks at Dodd-Frank six months in
WASHINGTON (2/17/11)--The Senate Banking Committee is slated to conduct an oversight hearing today, which has as its title “Dodd-Frank Implementation: A Progress Report by the Regulators at the Half-Year Mark.” The hearing is the first by the banking panel since Sen. Tim Johnson (D-S.D.) has taken the reins as its new chairman, and the session is expected to provide a broad study of regulators’ efforts to draft the rules that will put into practice the more-than-2,000 pages of the Wall Street Reform Act. Credit unions may be interested to watch whether the Dodd-Frank provision ordering the Federal Reserve to set interchange fees comes under scrutiny. There is a concurrent hearing, a 10 a.m. (ET), on that topic alone in the House as the Financial Services Committee conducts its session, “Understanding the Federal Reserve’s Proposed Rule on Interchange Fees: Implications and Consequences of the Durbin Amendment.” Frank Michael, president/CEO of the Stockton, Calif.-based Allied CU, is scheduled to testify on behalf of the Credit Union National Association (see related story: CUNA to Congress: Stop, study, start over on interchange). Witnesses for the Senate Banking Dodd-Frank hearing include:
* Ben S. Bernanke, chairman, Federal Reserve Board; * Sheila Bair, chairman, Federal Deposit Insurance Corporation; * Mary Schapiro, chairman, U.S. Securities and Exchange Commission; * Gary Gensler, chairman, U.S. Commodity Futures Trading Commission; and * John Walsh, acting Comptroller of the Currency.


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