CUNA watches for CU issues in Dodd's new reforms

WASHINGTON (3/12/10)—The Credit Union National Association's (CUNA) vice president of legislative affairs, Ryan Donovan, said that CUNA is looking forward to the release of Senate Banking Committee Chairman Chris Dodd's (D-Conn.) financial regulatory reform legislation on Monday, and will fully analyze the legislation once it is released.

"When regulatory restructuring legislation was considered in the House, we followed a set of principles in evaluating the measure, and we will evaluate the new Senate bill based on the same set of principles," Donovan said.

"Those principles include ensuring that the examination and enforcement of consumer protection regulation is conducted by the prudential regulator, that credit unions do not end up paying more for new regulation than they are paying now, and that any single consumer protection rule writing agency would work to streamline duplicative and burdensome regulation," Donovan added.

In a release published on Thursday, Dodd commended Sen. Bob Corker (R-Tenn.) for being a "strong partner" during the legislative process, adding that many of Corker's ideas will be included in Dodd's final proposal.

While the Banking Committee members "have made significant progress" toward a consensus package, Dodd said that "a few outstanding issues remain. Our talks will continue, and it is still our hope to come to agreement on a strong bill all of the Senate can be proud to support very soon," Dodd added.

Dodd said that he would plan to bring his legislation up for debate in the Banking Committee during the week of March 22nd.

Corker, who spoke during a Thursday press conference, said that most of the larger concepts in the legislation have been agreed on, with some differences on the consumer protection agency being the only remaining division, Reuters reported.

Sen. Majority Leader Harry Reid (D-Nev.) was widely reported on Thursday as saying that he expected financial reform legislation to move through the Senate by Memorial Day.

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