Recently, the House Financial Services Committee approved H.R.5983, Chairman Jeb Hensarling's (R-Texas) plan to overhaul thecurrent financial regulatory regime, including the Dodd-Frank Act,moving the controversial bill to the House floor.

Here, CU Times Executive Editor Michael Ogden asksWashington correspondent David Baumann to explain what the passagemeans for credit union executives.

Ogden: Interesting news coming out of the HouseFinancial Services Committee. We've seen some unexpected turns.Tell us what happened.

Baumann: The House Financial Services Committeestarted its markup of Chairman Jeb Hensarling's financial servicesoverhaul legislation. Normally for a 512-page bill, you wouldexpect the markup to take several hours, if not a couple of days.What happened here is that Congresswoman Maxine Waters, the rankingDemocrat on the committee, said that the bill was so bad thatDemocrats didn't even want to try and save it or amend it, andinstead, she moved to end debate and call the previous question,which brought the bill to a vote.

Ogden: Which means what? Where does it go now?What do our credit union executives need to understand aboutthis?

Baumann: The bill now goes to the House floor,but it's probably going to end with House passage. A companion billhas not been introduced in the Senate. It's not expected that acompanion bill will be introduced in the Senate. If a companionbill were to be introduced, Democrats would have the votes to blockit and, if by some strange chance it passes the Senate, PresidentObama would be sure to veto it. So this is really setting the stagefor a debate next year over financial services overhaul. Of course,the wild card here is the election. Who knows which party will becontrolling the Senate, and that could be the determining factorfor any of this kind of legislation.

Ogden: I want to point out that there's been alot of chatter recently that we have both noticed surrounding thisparticular bill. Why are people so excited about this?

Baumann: Well it really does set the stage fora debate next year over whether Dodd-Frank has worked or whetherthere needs to be any changes to Dodd-Frank. There isn't going tobe much this year, but we're looking ahead to next year.

From financial overhaul to Dodd-Frank to the presidentialelection, we're watching every piece of the puzzle to find out how,and if, it all falls into place for credit unions – good or bad.You'll find analysis from our correspondents and experts as we gothrough November and beyond.