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CU issues in Senate reform spotlight
WASHINGTON (5/6/10)—The Senate on Wednesday agreed to remove language that would have required the proposed Bureau of Consumer Financial Protection (BCFP) to collect deposit account data by census tract. The agreement, which came in the form of an amendment from Sen. Olympia Snowe (R-Maine), was one of many that were voted on during a busy afternoon in the Senate. In a letter sent to Snowe earlier this week, the Credit Union National Association (CUNA) said that credit unions were concerned about the data collection provision, which was part of S. 3217, the Restoring American Financial Stability Act, as it "could increase credit unions' regulatory and reporting burdens." The Senate also approved amendments that remove a proposed $50 billion resolution fund for failed entities and would prevent future taxpayer-funded bailouts of financial firms. 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. Another amendment that would add the National Credit Union Administration to a proposed Financial Stability Oversight Council was offered by Sen. Susan Collins (R-Maine), and CUNA President/CEO Dan Mica in a letter thanked Collins for offering that amendment. In the letter, Mica said that while credit unions do not “impose any systemic risk on the overall financial system,” there would be “value in having the federal credit union regulator on the Council.” Collins’ bill would “ensure that the credit union regulator has a voice in the review of the consumer regulations,” the letter added. NCUA Chairman Debbie Matz also spoke in support of the Collins amendment, thanking the Senator and saying in a Wednesday letter that the amendment would “harmonize” the House and Senate financial regulatory reform proposals. For the CUNA letter, use the resource link.


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