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News Now

Washington
Interchange remittance discussions could come next week
WASHINGTON (6/15/10)--Although discussions of the to-be-resolved financial regulatory reform package will continue this week, big ticket items for credit unions, including interchange provisions, are not likely to be discussed until next week. An official schedule has not been released, but it is expected that investor protections, executive compensation, corporate governance, systemic risk regulation, resolution authority, and payments/clearing and settlement issues will be discussed by the conference committee this week. Discussion of the proposed Consumer Financial Protection Bureau, as well as remittances—two issues of interest to many credit unions--has been pushed back until next week. While that fact makes this a relatively quiet week in Congress on the financial services front, there will still be some action in the Senate, with discussion on a tax extenders bill that would fund the National Flood Insurance Plan (NFIP) and the Stimulus Act’s small business provisions set to take place. That legislation, if passed by the Senate this week, would still need House action to move forward. The NFIP and the aforementioned small business provisions are currently lapsed. The House will also reportedly consider H.R. 5297, the Small Business Lending Fund Act, on Wednesday. That legislation, which was passed out of committee last month, would create a $30 billion small business lending fund for community banks. The Credit Union National Association, and, lately, governmental bodies such as the U.S. Treasury and legislators such as Rep. Barney Frank (D-Mass.), have all back increasing lending to small businesses by lifting the current 12.25% of assets cap on credit union member business lending (MBL). The Treasury has itself proposed lifting the cap to as high as 27.5%, and MBL legislation introduced by Rep. Paul Kanjorski (D-Penn.) currently has 122 House cosponsors and will likely come up for discussion in House committees soon.


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