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Senate Republicans will allow regulatory restructuring legislation to come to Senate floor

Sen. Richard Shelby (R-Ala.), the top GOP member of the Senate Banking Committee, said in a statement that while negotiations on several issues, such as the consumer regulator, remained “in flux,” those differences would be dealt with on the Senate floor.

Senate Minority Leader Mitch McConnell (R-Ky.) said in a statement that “a key agreement” has been reached on the system for dealing with financial institutions that are deemed too big to fail.

The turn of events follows three consecutive votes in which the Republicans were united in opposing a motion to allow the Senate to begin debating the measure. Earlier today, the Senate voted 56-42 to begin debate, four votes shy of the 60 needed to proceed.

Senate Majority Leader Harry Reid (D-Nev.) hasn’t announced when the next procedural vote will occur.

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.

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