The chairmen and ranking Republicans of the Senate Agriculture and Banking committees are among the 12 senators named to represent that chamber in the Senate-House conference committee that will reconcile differences between the regulatory overhauls passed by each house of Congress.
Credit unions are especially interested in getting a provision in having conferees remove an amendment in the bill that passed the Senate last week which authorizes the Federal Reserve to ensure that debit card fees are "reasonable and proportional," in relation to processing costs. It excludes credit unions and community banks with assets of less than $10 billion. It also allows merchants to set a minimum or maximum amount for each transaction and let them offer additional discounts for using a certain type of card or cash.
Senate Majority Whip (D-Ill.), who is that chamber's main backer of the issue wasn't named to the conference committee.
The House, which passed the measure last December, hasn't named its conferees yet and may not do so until after next's week's Memorial Day recess.
Senate Banking Committee members on the conference committee are: Chairman Christopher Dodd (D-Conn.); Ranking Republican Richard Shelby (R-Ala.);
Sen. Tim Johnson (D-S.D.); Sen. Charles Schumer (D-N.Y.); Sen. Bob Corker (R-Tenn.); Sen. Mike Crapo (R-Idaho); and Sen. Judd Gregg (R-N.H.).
Senate Agriculture Committee members on the panel are: Chairman Blanche Lincoln (D-Ark.); Ranking Republican Saxby Chambliss (R-Ga.); Sen. Patrick Leahy (D-Vt.); and Sen. Tom Harkin (D-Iowa).