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Amendments could alter Senate reg reform bill
WASHINGTON (5/4/10)--Over 30 amendments to the financial regulatory restructuring bill have been filed as today the Senate, after numerous delays, resumes debate on the measure. The pending amendments, as the Senate resumes debate include a substitute amendment by Sens. Chris Dodd (D-Conn.) and Blanche Lincoln (D-Ark.) and a separate amendment by Sen. Barbara Boxer (D-Calif.) that would ensure that taxpayer funds are not used in any future corporate liquidations. The Credit Union National Association is also monitoring the Senate for any action on potential amendments that could establish a national usury ceiling, further regulate payday lending, eliminate portions of S. 3217 that require the collection of deposit account data, and eliminate a payday loan alternative program from the bill. CUNA is also watching for amendments that would expand the scope of the authority of the prudential regulators to review regulations promulgated by the consumer bureau, as well as possibly an amendment to add NCUA to the Financial Stability Oversight Council. Amendments that would address interchange fees and exempt auto dealers from the scope of the consumer bureau regulation and enforcement may also be filed, and additional amendments could be filed as the debate moves forward this week. CUNA commented directly on the amendment process on Monday, thanking Sen. Olympia Snowe (R-Maine) for introducing a measure that would prevent the proposed Bureau of Consumer Financial Protection (BCFP) from collecting deposit account data by census tract. In a letter sent to Snowe on Monday, CUNA said that credit unions have been concerned about the data collection provision, as it “could increase credit unions’ regulatory and reporting burdens.” Action in the House and committees will be considerably lighter, with the House on Thursday discussing H.R. 5019, the Home Star Energy Retrofit Act. The Senate Finance Committee later today will discuss proposed fees on financial institutions that take part in the Administration’s Troubled Asset Relief Program (TARP), with Treasury Secretary Tim Geithner scheduled to testify. A House Finance Committee subcommittee will also hold a hearing on debt and leverage later in the week. To see the full CUNA letter to Sen. Snowe, use the resource link.


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