Credit union focus is on the Senate floor this week as the Senate resumes debate on S.3217, the Restoring American Financial Stability Act. When the Senate resumes debate today, the Dodd-Lincoln substitute amendment (#3739) and the Boxer amendment (#3737) to the manager's amendment are pending. The Boxer amendment further clarifies that taxpayers will not fund the liquidations of failing companies which are systemically significant. A vote on this amendment, which is considered non-controversial, is scheduled for Tuesday afternoon. It is not immediately clear which amendment will be offered next.
As of Friday, thirty two amendments (including the Dodd- Lincoln manager's amendment) had been filed. While Senator Dodd has asked Senators to file their amendments by the end of today, additional amendments are expected to be filed through the course of the debate. It is possible that not every amendment will ultimately be offered. Some will be incorporated into a manager's amendment, while others will not be taken up at all.
Most of the amendments filed to date do not directly affect credit unions. There are several, however, that could affect credit unions including
- amendments involving establishing a national usury ceiling
- further regulating payday lending
- eliminating the section requiring the collection of deposit account data, and
- eliminating a payday loan alternative program from the bill.
Also expected is an amendment to expand the scope of authority of the prudential regulators to review regulations promulgated by the consumer bureau, as well as possibly an amendment to add NCUA to the Financial Stability Oversight Council. Amendments are also expected related to interchange and exempting auto dealers from the consumer bureau regulation and enforcement, but these have not yet been filed.
For a complete list of filed amendments to S. 3217 go to http://hdl.loc.gov/loc.uscongress/legislation.111s3217 and click Amendments.
House and Committee Schedule - The House returns today for pro forma session. Tuesday and Wednesday the House will consider bills under suspension of the rules. On Thursday, the House will consider H.R. 5019, the Home Star Energy Retrofit Act, also known as the "cash for caulkers" bill.
There are a small handful of hearings of interest to credit unions this week:
- On Tuesday, the Senate Finance Committee will hold a Full committee hearing on "The President's Proposed Fee on Financial Institutions Regarding TARP (Troubled Asset Relief Program) Part 2." Treasury Secretary Geithner will be among those to testify.
- On Thursday House Financial Services Oversight and Investigations Subcommittee hears "The End of Excess (Part One): Reversing Our Addiction to Debt and Leverage."
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