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Regulatory reform timetable announced

The timeline released Tuesday for financial overhaul is aggressive, which means credit unions have even less time to let lawmakers know the interchange amendment will hurt members and consumers. Sen. Chris Dodd (D-CT) and Rep. Barney Frank (D-MA) will allow conferees to give opening statements Thursday June 10. The group will reconvene for all day sessions June 15-17 to work out differences in the two bills. The deliberation of the two bills will continue June 22-24 with the possibility of spilling over to June 26. The timetable has the bill seeing final votes before June concludes. Rep. Frank, who will chair the conference committee, would like to get the bill finalized before the July 4th holiday break.

The Wall Street Journal is reporting that the Democrats would like an open debate on regulatory reform and have asked to have the conference proceedings televised. The public will also have access to any changes made a day before the conferees consider them, plus any changes to be adopted will have to come during the public meeting.

"We want people to know what we're doing," Sen. Dodd told reporters following the meeting with Rep. Frank Tuesday.

Credit unions are in Washington D.C. this week to talk face to face with lawmakers. The LSCU will be providing updates and tweeting throughout the day. Click here to follow the LSCU on Twitter.

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