NAFCU is one many groups contacting Congress in opposition to an amendment to the Restoring American Financial Stability Act of 2010 that would effectively end federal government support for Fannie Mae and Freddie Mac in two years.
Senate Republicans said today they will allow the regulatory restructuring legislation to come to the Senate floor and attempt to amend the legislation on the floor.
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.
The Senate late this afternoon is scheduled to hold a procedural vote on whether to begin consideration of a regulatory restructuring bill, though there hasn't been an agreement on what the measure will look like.
Today NASCUS said that the "encroachment of federal preemption only weakens the states' strong front-line defense against deceptive and unlawful financial services practices."
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.
Early January is typically a slow news time for us as the credit union industry awakes from its holiday slumber, but that is certainly not the case this year.