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Senate returns to reform, MBL on hold

During this past recess, discussions regarding the Financial Regulatory Restructuring bill continued between Senate Banking Committee Chairman Christopher Dodd's (D-Conn.) staff and the staff of the committee's ranking Republican member, Richard Shelby of Alabama.

"Our understanding is that no agreements have been made, though both sides have repeatedly committed to continue talking," said Ryan Donovan Monday. Donovan is vice president of legislative affairs for the Credit Union National Association (CUNA).

Donovan said April 26 is the earliest the Senate could vote on a financial reform bill; he noted, however, the process could drag on many weeks after that date.

The meeting between Treasury and the Senate staff that was scheduled for Friday was postponed again. No new date has been set. However, the LSCU is hearing that the delay should not be a concern. The sunset provision that Treasury put forward several weeks ago is off the table, thanks in large part to the immediate and direct response from key credit union allies on Capitol Hill.

The House is going to be working short weeks (Tuesday-Thursday) for the next several weeks, meaning that Members may be back on Fridays more than they have been in the last year. The LSCU encourages credit unions to take advantage of any opportunity they have to raise MBLs with Members of the House and the Senate, and encourage its inclusion in upcoming job creation legislation. The LSCU Web site has many MBL resources available including MBL talking points. Click here to access the password-protected area. If you don't have a password, you can request one.