Conferees in Final Stages on Financial Overhaul Bill
House and Senate conferees are putting the final touches on the financial overhaul bill and were hoping to finish work Thursday evening so both chambers could vote next week.
The conferees were saving one of the most contentious issues-the regulation of derivatives-for last.
Most of the issues of interest to credit unions had already been dealt with.
Credit unions and banks were unsuccessful in their effort to remove an amendment to give the Federal Reserve the power to regulate interchange fees. Because of that provision, both CUNA and NAFCU announced they will oppose the entire bill.
The bill creates a new Consumer Financial Protection Bureau to regulate consumer financial products. Credit unions and banks with less than $10 billion in assets will be subject to the agency's rules but the enforcement will be done by their prudential regulator.
Conferees also included a provision to include the head of the NCUA on the council of regulators aimed at determining systemic risk.