Reg Relief Debate Goes To Senate

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The Senate will formally begin the process of drafting a regulatory relief bill for credit unions and banks this week after a hearing before the Senate Banking Committee where regulators and trade associations will be invited to give their recommendations.

Representatives of NCUA, as well as CUNA and NAFCU are expected to testify before the panel, which is expected to introduced a version of a regulatory relief package soon after the July 4 holiday.

Several members of the Senate panel are expected to grill Chairman Johnson on the ongoing controversy over the agency's treatment of the voting to convert Community CU and OmniAmerican CU to mutual savings banks.

The House Financial Services Committee, which has completed its own hearings on Reg Relief, is expected to introduce its own version of a relief bill around the same time.

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