An alternative plan for regulatory reform to be unveiled by Senate Republicans would create a consumer protection council, which wouldn't be empowered to be the main examiner of credit unions on consumer issues.
The Council for Consumer Financial Protection, an independent agency that would be made up of the Federal Reserve Chairman, the FDIC Chairman and the Comptroller of the Currency, would write the consumer laws. While the council would have supervision and enforcement authority over large banks, non-bank mortgage originators and other financial service providers, credit unions and regional banks would be supervised by their safety and soundness regulator. The council would have "back up enforcement authority," over those institutions.
The provisions of the bill were described in a summary, obtained by Credit Union Times.
Democrats have a 59-41 advantage over Republicans in the Senate but the GOP has been able to slow proceedings because the chamber's rules require 60 votes to proceed on many matters.
Lawmakers will attempt to break the legislative gridlock later today.
On Monday, the Senate failed, mostly along party lines, to get enough support to begin debate on the regulatory overhaul bill passed by the Senate Banking Committee last month, along party lines.