Brown to Back Financial Overhaul Bill
Moving the legislative process one step closer to completion, Sen. Scott Brown (R-Mass.) announced today he plans to vote for the regulatory overhaul bill.
He said in a statement that the bill "isn't perfect," but it "includes safeguards to help prevent another financial meltdown, ensures that consumers are protected, and it is paid for without new taxes."
The Senate is likely to take up the bill this week, though Democratic leaders are trying to secure the votes of several other legislators to ensure that the bill has the needed 60 votes to overcome a likely GOP filibuster.
The bill, which CUNA and NAFCU are opposing largely because of the provisions on interchange, would deal with a range of regulatory issues and would create a new Consumer Financial Protection Bureau in the Federal Reserve. All credit unions would have to comply with CFPB's rules and regulations but the agency would only have direct enforcement power over those institutions with assets of more than $10 billion. For all other credit unions, the NCUA would enforce regulations.
The House passed the bill last month.