WASHINGTON — The Financial Services Regulatory Relief Act (S. 2856) is waiting on the final step in the process to become law: George W. Bush's John Hancock.

In a late night session Sept. 29 (actually, early Sept. 30) before adjourning for campaigning, the Senate approved the bill by unanimous consent, which means there were no remaining objections. Credit union specific provisions in the legislation included allowing low- and no-cost land leases on military installations; expanding the 12-year loan maturity limit to 15; permitting wire transfers and check cashing for anyone within the field of membership; and the so-called "FASB fix" from the original Senate bill.

Another was added to "fine tune" the Federal Trade Commission's authority to begin oversight of private deposit insurance disclosures with states overseeing the availability of the insurers' financials originally enacted in the Federal Deposit Insurance Corporation Improvement Act about a decade ago, CUNA Senior Vice President and Deputy General Counsel Mary Dunn explained. Additionally, the bill permitted the Federal Reserve to begin paying interest on Reg D "sterile" reserves in 2012.