WASHINGTON -- Credit unions last week received a ray of good news on their goal of raising the cap on member business loans.
Lawmakers were trying at press time to iron out a bipartisan agreement on legislation to overhaul the way financial services are regulated.
Now the action goes back behind closed doors.
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.
Preemption of state laws and exempting more credit unions from examination by the new consumer regulator are key priorities of the credit union trade associations as a Senate panel begins marking up regulatory restructuring this afternoon.
CUNA wants any consumer financial products regulator not to have any examination powers for any credit union while the ABA wants no new consumer regulatory agency.
After months of bipartisan bashing of the Federal Reserve's actions during the recession,
Credit unions received some discouraging news on Capitol Hill last week when the draft version of a Senate jobs creation bill didn't include a provision to raise the cap on member business lending.
Though credit unions lost a battle over student loans in the House, they may have another chance to prevail in the Senate.
Credit unions are hoping that President Obama's latest endorsement of a new agency to regulate consumer products won't be enough to push it through the Senate