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News Now

Washington
Reg reform debate again held back by Senate
WASHINGTON (4/28/10)--Senate debate on H.R. 3217, the Restoring American Financial Stability Act, was again held back on Tuesday after Senate Republicans, along with one Democrat, united to defeat a cloture vote on regulatory reform legislation. A similar measure to begin debate failed by a 57 to 41 vote on Monday. Sixty votes are required to move forward with debate, according to Senate rules. The Senate is expected to continue to work behind the scenes to reach a compromise on the bill, which could then be brought to the Senate floor. Public debate could still take place this week, and Senate Majority Leader Harry Reid (D-Nev.) late Tuesday said that he would continue to reintroduce the bill for cloture votes as the week goes on. The Credit Union National Association (CUNA) has urged the U.S. Congress not to limit the National Credit Union Administration's oversight of credit unions to credit unions with under $10 billion in assets, as the legislation currently sets forth. CUNA has also asked legislators to narrow the legislation's definition of remittances, as the current definition is "overly broad" and would make it far more difficult for credit unions to continue to offer any form of international electronic fund transfer services to their members.


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