Financial Regulatory Reform Bill Headed to President's Desk

July 15, 2010 — With the Senate and House approval of regulatory reform legislation, the conference report of H.R. 4173, the Dodd-Frank Bill, will now go to the President's desk for his signature. The Senate approved the legislation July 15, following the House passage prior to the July 4 recess.

For the past two years, NASCUS has communicated the state credit union perspective on federal regulatory reform efforts, testifying several times in the House and Senate and contributing the state credit union regulatory voice as legislation moved forward.

NASCUS is pleased that the final bill includes a strong defense against preemption and both state regulatory voices (as nonvoting members) and the National Credit Union Administration Chairman on the Financial Stability Oversight Council in order to mitigate and to address national financial systemic risk.

"After the bill is signed into law, NASCUS' efforts will continue throughout the rulemaking process and implementation of the bill to ensure that state regulators continue to have the authority and the capability to protect the safety and soundness of the state credit union system," said NASCUS President and CEO Mary Martha Fortney. "NASCUS and state regulators will also continue to encourage Congress to defend against preemption and to make certain that state credit unions remain primarily regulated by those who know their communities and operations best - state regulators."

To read more on various aspects of the bill, click here to view page 6 of the latest Stateline for a briefing on the bill's provisions.