Political newcomer Rand Paul, a favorite of credit unions and the tea party movement, has won the U.S. Senate seat in Kentucky, according to Associated Press projections.
Sen. Richard Shelby, the top Republican on the Banking Committee, was easily re-elected to a fifth term, the Associated Press projected.
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.