Depending on the outcome of certain procedural votes, the Senate could start its debate on legislation to revamp the regulation of financial services as early as Wednesday.
The issues of concern to credit unions-most of which center on the creation of a new entity to regulate consumer financial products-have taken a back seat recently to the debate on the structure of the vehicle for rescuing failing financial entities.
Lobbyists for CUNA and NAFCU said today they are in regular contact with lawmakers and staffs but said they aren't sure whether there will be amendments offered that reflect credit union concerns on issues, such as whether the definition of remittances is overly broad.
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The Senate bill would house the new consumer regulator inside the Federal Reserve but it will be headed by a presidential appointee. Under the version passed by the House last year, the regulator would be an independent agency. Under both versions, the new regulatory entity would only have direct examination authority of financial institutions with assets of more than $10 billion. All other institutions would have to comply with the regulations issued by the regulator but the enforcement would be done by their safety and soundness regulator, such as the NCUA.
There must be 60 votes to begin debate and all 41 Republicans in the 100-member chamber have said they won't to bring the bill to the floor but several Republicans have been the target of intense lobbying by Senate Democratic leaders and member of the Obama administration.
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