Two measures that the banking industry is hoping to see pass in the Senate are being stymied by Republican Sen. Jim DeMint. His hold on the bill that combines the two measures is "an effort to force a symbolic vote on repealing" on Dodd-Frank, writes American Banker's Kevin Wack.
"It can't be fixed one piece at a time. We need to repeal Dodd-Frank to stop the harm it's doing to our economy," says DeMint.
The measures have already passed in the House and have bipartisan support. One is to clarify that when banks had over information to the CFPB they are not waiving attorney-client privilege. The CFPB has issued a rule saying as much, but it's viewed as an error in the legislation that the protection is not spelled out.
The second is to end a requirement for a physical signage about fees at ATMs. "The ATM measure is a response to a flurry of lawsuits over missing fee-disclosure signs," writes Wack. Industry representative maintain that the suits are often a case where the parties bringing suit for missing signage have purposely removed the signs. And the measure’s supporters point out that onscreen disclosures will still be required.
So will DeMint change his mind before summer recess? "Banking lobbyists are now hoping that DeMint will back down in the face of pressure from small banks in South Carolina that could benefit from the ATM bill," writes Wack.
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