Financial Overhaul Passes Key Hurdle
The regulatory overhaul bill came a step closer to final passage today when the Senate voted 60 to 38 to end a Republican-led filibuster.
The vote clears the way for a vote on final passage later today.
CUNA and NAFCU opposed the measure in large part because of the provision giving the Federal Reserve the right to regulate debit card interchange fees.
The bill, which was approved by the House on June 30, was a compromise of earlier versions of the measure.
A key provision for credit unions is the creation of the Consumer Financial Protection Bureau(CFPB) to regulate consumer financial products. Credit unions with assets of $10 billion or less will have to comply with bureau's rules and regulations but the enforcement will be done by the NCUA. The CFPB, housed in the Federal Reserve, will conduct consumer enforcement of the three credit unions with assets of more than $10 billion.