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Reg reform debate to continue this week

Senate leaders are expecting the reg restructuring debate to last for a couple of weeks as many amendments are being looked at. Sen. Chris Dodd (D-CT), chairman of the Senate Banking Committee, said that as early as Tuesday votes on amendments may begin. "The status quo is unacceptable," Sen. Dodd said on the Senate floor last week. "We cannot leave the American people vulnerable to the present construct of our financial regulatory system."

The Washington Post is reporting that Sen. Richard Shelby (R-AL) and other Republicans plan to introduce amendments to scale back the power and scope of the consumer regulator. Meanwhile, Sen. Jack Reed (D-R.I.) plans to push for a standalone consumer agency. To read the complete Washington Post article, click here.

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. CUNA continues to lobby to not limit the NCUA's oversight of credit unions, regardless of asset size. CUNA has also asked legislators to narrow the legislation's definition of remittances.

For a more complete look at S. 3217, check out eSignal for May 3.