Regulatory Relief Bill Moves Along in Congress
House leaders have apparently settled their differences on key provisions in the regulatory relief bill, particularly those pertaining to the growing number of industrial loan companies, and are preparing to bring the bill to a vote by the full House next month.
The bill, which contains more than a dozen credit union provisions, has already passed the House Financial Services Committee and the House Judiciary Committee and is expected to be approved by the full body when it comes to a vote. But the Senate has yet to draft its version of the bill. Sources indicate the Senate Banking Committee may pare the bill back, including elimination of some of the credit union provisions, in order to minimize opposition when it finally comes to a vote.
The Financial Services Committee is still studying the separate credit union regulatory relief bill, being touted now as CURIA-the CU Regulatory Improvement Act-and may hold a formal drafting session, or mark-up, later this spring. The prospects for that bill, however, are less clear, as it poses a broad target for the bankers and other potential opponents. A more realistic goal for the bill may be to have it rolled into regulatory relief, as it already contains many of the same provisions.