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Senate reforms could see vote this week
WASHINGTON (5/18/10)--A final vote on the Senate’s financial regulatory reform package could occur as soon as Friday, with a potential cloture vote taking place on Wednesday. Debate on some remaining amendments should continue through the early part of this week, with Sen. Chris Dodd (D-Conn.) expected to offer a manager’s amendment at some point. Sen. Richard Durbin late last week successfully added interchange fee restrictions to the Senate's financial regulatory reform package. The amendment attempts to shield credit unions from the impact of the new interchange rules, but the Credit Union National Association (CUNA) still has concerns about the impact on credit unions. CUNA is working to further mitigate the amendment's effects on credit unions and has already begun making contacts on Capitol Hill. CUNA has also written to oppose an amendment that would impose an arbitrary, 50-cent limit on automatic teller machine (ATM) transactions. And CUNA is opposing an amendment from Sen. Sheldon Whitehouse (D-R.I.) that would permit states to apply usury ceilings based on where the borrower resides rather than where the financial institution is located. CUNA continues to pursue improvements to the legislation in the Senate, and will continue to do so as the bill is conferenced with the House-passed legislation. The House will remain active this week, with a number of hearings scheduled. Top billing this week will go to a Tuesday House Financial Services Committee hearing on "Initiatives to Promote Small Business Lending, Jobs and Economic Growth." CUNA President/CEO Dan Mica will be among those testifying, a list that includes U.S. Treasury official Gene Sperling, Maryland Department of Business and Economic Development Secretary Christian Johansson, and former Securities and Exchange Commissioner Paul Atkins, among others. The House Ways and Means Committee will discuss tax proposals to legislation to legalize Internet Gambling, and the House Financial Services Committee subcommittee on capital markets, insurance and government-sponsored enterprises will close out the week by holding a hearing on "Accounting and Auditing Standards: Pending Proposals and Emerging Issues."

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