Reg Relief Debate Moves To TheSenate

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WASHINGTON - (06/15/05) -- The Senate will formally begin theprocess of drafting a regulatory relief bill for credit unions andbanks next week after a hearing before the Senate Banking Committeewhere regulators and trade associations will be invited to givetheir recommendations. Representatives of NCUA, as well as CUNA andNAFCU are expected to testify before the panel, which is expectedto introduced a version of a regulatory relief package soon afterthe July 4 holiday. Several members of the Senate panel areexpected to grill Chairman Johnson on the ongoing controversy overthe agency's treatment of the voting to convert Community CU andOmniAmerican CU to mutual savings banks. The House FinancialServices Committee, which has completed its own hearings on RegRelief, is expected to introduced its own version of a relief billaround the same time.

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