Financial services trade groups are urging the Senate to consider a bipartisan regulatory overhaul bill, but deep divisions continue to fester and could help derail the bill.

"At a time of frequent congressional gridlock in Washington, this bipartisan legislation is a shining example of how our elected leaders can advance necessary solutions by working together and across the aisle," the trade groups, including CUNA and NAFCU, wrote to Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles Schumer (D-N.Y.). 

The legislation includes a credit union-specific provision that provides that a one-to-four family dwelling that is not the primary residence of a member will not be considered a member business loan under the Federal Credit Union Act.