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News Now

Washington
Dodd-Frank repeal bill mainly symbolic CUNA
WASHINGTON (1/10/11)—Rep. Michele Bachmann (R-Minn.) last week introduced H.R. 87, legislation that would repeal the Dodd-Frank financial reform bill that was passed into law last year. Reps. Darrell Issa (R-Calif.), Todd Akin (R-Mo.), Tom McClintock (R-Calif.) and Bill Posey (R-Fla.) signed on as cosponsors of the legislation, which is widely viewed as being a mainly symbolic shot at the Obama administration reforms. Rep. Barney Frank (D-Mass.), a key sponsor of the reform bill, as the name implies, spoke up to defend his legislation last week. Credit Union National Association (CUNA) Vice President of Legislative Affairs Ryan Donovan said that CUNA does not expect there to be a concerted effort to repeal Dodd-Frank in its entirety. “Having said that, as the various regulatory agencies take the steps to implement the law, we will continue to encourage Congress to exercise oversight over that process,” Donovan added. Also, CUNA is working to address the impact of sections of Dodd-Frank act, for instance the interchange provisions require the Federal Reserve Board to set interchange fees. CUNA recently asked new House Financial Services Committee Chairman Spencer Bachus (R-Ala.) to fully review the interchange proposal before the Fed moves forward with implementation.


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