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Senate Banking Committee passes reg reforms; sends to full Senate

With Healthcare behind Congress, for the time being, regulatory reform took center stage Monday evening. The Senate Banking Committee marked up its regulatory reform bill. Banking Chairman Sen. Christopher Dodd (D-CT) and ranking Republican Sen. Richard Shelby (R-AL) were the only two Senators to make opening remarks. Sen. Shelby said there would still be negotiations on the bill before it hits the full Senate. Sen. Dodd offered a manager's amendment which was 140 pages long. It was the only amendment offered Monday. It took the committee just 20 minutes to mark it up and it passed along party lines 13-10.. As currently constructed, the bill would allow the NCUA to maintain its independence and excludes credit unions with $10 billion or less in assets from the oversight authority of a proposed consumer watchdog.

Last week CUNA encouraged Sen. 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 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."

The timeline for Senate floor consideration is uncertain. The LSCU and CUNA aren't even speculating when this legislation may be called up. It depends when or if an agreement between Chairman Dodd and Sen.Shelby can be reached. Between now and then, the LSCU anticipates that the legislation will evolve as negotiations between Chairman Dodd and Sen. Shelby continue.

You can read CUNA's full coverage by clicking here.

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