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News Now

Washington
Reid pushes up timeline for reg reform vote
WASHINGTON (5/5/10)--Sen. Harry Reid (D-Nev.) on Tuesday said that the U.S. Senate would finish the debate on financial regulatory reform by the end of next week, “one way or the other.” In opening statements delivered before the Senate on Tuesday, Reid also said that he would encourage his Senate Democratic colleagues to support a simple majority vote on the pending legislation, rather than requiring the 60 vote threshold that has become more common in the Senate. Under simple majority rules, legislation or amendments would only need 50 or more votes to count as passed. S. 3217, the Restoring American Financial Stability Act, would affect the credit union system by limiting the National Credit Union Administration's (NCUA) regulatory authority to credit unions with under $10 billion in assets. The regulatory reform package would also address many issues facing the broader financial services industry. Debate on a number of amendments began yesterday, and that debate should continue today. Among the amendments introduced for debate on the floor yesterday was a CUNA-supported amendment offered by Senator Olympia Snowe (R-Maine) which would eliminate a section of the bill requiring the collection of deposit account data. Other amendments which may be debated in the coming days include amendments that would establish a national usury ceiling, further regulate payday lending, and eliminate a payday loan alternative program from the bill. CUNA is also watching for a potential amendment that would add the NCUA to a proposed Financial Stability Oversight Council and give members of the Council greater ability to review regulations issued by the new consumer bureau. Amendments that would address interchange fees and exempt auto dealers from the scope of the consumer bureau regulation and enforcement may also be filed, and additional amendments could be filed as the debate continues to move forward. (See related story: CUNA urges CU action against interchange amendments.)


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