WASHINGTON-The long-awaited bankruptcy conference is expected to begin November 14, according to credit union lobbyists. It was originally scheduled for September 12 and rescheduled for the November 12, after the September 11 attacks, but delayed again. The bill has moved slowly but steadily through Congress this session and was most recently hung up in light of the terrorist attacks and Congress’ focus on national security issues. CUNA Senior Vice President of Governmental Affairs John McKechnie observed, “The [House Judiciary Committee Chairman Jim] Sensenbrenner (R-Wis.) people felt it was important to send a signal to have this bill alive and well.” The conference committee’s 31 members were named in July. Differences still need to be ironed out between the Republican-controlled House and Democrat-controlled Senate versions of the legislation, including the homestead exemption and bankruptcy protection in connection with clinic violence fines, according to NAFCU Director of Legislative and Political Affairs Charlie Frohman. It is unclear whether an attempt will be made to pass the bill this year or wait until the beginning of next year. However, bankruptcy reform opponents say now, following the attacks, would be the worst possible time to pass a bill targeting those seeking debt relief. Lobbyists are hopeful the meeting will lay the groundwork for the next congressional session. Credit union lobby groups have been working hard to keep three key provisions in the bill, including Chapter 7 means testing, mandatory financial education before filing, and preserving voluntary reaffirmations for credit union members.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.