Regulatory Reform Still Pending in Senate

February 19, 2010 — Chairman of the Senate Banking Committee Chris Dodd (D-Conn.) is still expected to release his version of regulatory reform legislation, possibly later this month.

The House has completed its work on regulatory reform; as you may recall, the House passed H.R. 4173, the Wall Street Reform and Consumer Protection Act, prior to year end 2009.

Last November Chairman Dodd circulated a regulatory reform discussion draft to consolidate the functions of the four federal regulators that oversee banks into a federal agency. The discussion draft also included the creation of a Consumer Financial Protection Agency (CFPA). However, the Senate Banking Committee asked Dodd to revise the legislation on a bipartisan basis. Since that time, pairs of bipartisan Committee members have been working on various aspects of the bill.

As the legislation moves through the Senate Committee and to the full Senate, NASCUS will continue to pay close attention to preemption issues and to other matters of importance to state regulators and state credit unions. NASCUS has met with the Senate Banking Committee staff to discuss our concerns about preemption and state authority issues.

NASCUS will provide updates on its website when the legislation is introduced in the Senate.