WASHINGTON -- Sen. David Vitter (R-La.) expressed support today for keeping credit unions' tax-exempt status but said he is undecided about raising the cap on member business loans.
The chairmen and ranking Republicans of the Senate Agriculture and Banking committees are among the 12 senators named to the Senate-House conference committee that will reconcile differences between the regulatory overhauls.
Within two weeks of the ascension of Rep. Sander Levin (D-Mich.) to the chairmanship of the House Ways and Means Committee,
Lawmakers were trying at press time to iron out a bipartisan agreement on legislation to overhaul the way financial services are regulated.
The Senate could vote again as early as today to attempt to begin consideration of a regulatory overhaul bill.
WASHINGTON -- For credit unions, Senate Banking Committee Chairman Christopher Dodd's proposed regulatory overhaul is both the best of bills and the worst of bills.
The new regulator of consumer financial products would be housed in the Federal Reserve and would have the ability to write rules, but most of enforcement would be done by the safety and soundness regulator.
National party committees and senior lawmakers on the committees that oversee credit unions are among the recipients of contributions from the political action committees of CUNA and NAFCU.
Credit unions got a glimmer of hope today when Sen. Charles Schumer (D-N.Y.) said he still would like to have legislation to lift the cap on member business lending.
Senate Banking Committee Chairman Christopher Dodd (D-Conn.) admitted last Friday that he and the Republicans are "at an impasse," on legislation to revamp how financial services firms are regulated, but vowed to move forward in drafting a bill.