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Washington
Reg reform discussion to get a jumpstart after recess
WASHINGTON (3/29/10)--While Sen. Chris Dodd (D-Conn.) formally introduced his financial regulatory reform package during a Senate Banking Committee hearing held early last week, the expected weeklong debate on the provisions of the bill never fully materialized, and the bill simply passed out of committee on a party-line vote. Dodd and ranking committee minority member Richard Shelby (R-Ala.) were the only two to speak during the hearing, and Shelby indicated that bipartisan dialogue would continue after the committee vote and before the package is taken up by the full Senate. The Credit Union National Association (CUNA) has also been making its own views on the regulatory reform package known, encouraging Dodd to consider adding language that gives his proposed Bureau of Consumer Financial Protection (BCFP) "the authority to delegate examination authority for large credit unions to the prudential regulator" rather than limiting the National Credit Union Administration's (NCUA) authority to credit unions with under $10 billion in assets. CUNA also promoted "permitting the BCFP to delegate examination authority for large credit unions to NCUA," exempting credit unions from portions of the bill that address remittances, and removing language that would amend the Federal Credit Union Act and, in fact, may “limit the ability of federal credit unions to offer other types of international money transfers as well as the ability of the NCUA to regulate international money transfers." Dodd late last week said he would restart dialogue on his regulatory reform bill next month once Congress's spring recess has been completed on April 12. The Senate Committee on Agriculture will also hold its own markup on derivatives legislation in mid-April. Additionally, both Dodd and House Financial Services Committee Chairman Barney Frank (D-Mass.) recently predicted that comprehensive regulatory reform would be signed by President Obama by Memorial Day.
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