Regulation

Senate Democrats narrowly blocked a filibuster on the bank bill waged by Republicans this morning and headed toward a final vote on the landmark bill, despite avid opposition by community banks and credit unions over the interchange amendment.

Iowa Republican Charles Grassley announced yesterday he will change his vote on the bank reform bill and vote no this time, but the Democrats still appear to have the 60 votes they need to overcome a planned filibuster by the Republicans when the Senate moves for final passage, expected as early as today.

The Senate has passed legislation delaying the implementation of some of the provisions of the Credit Card Accountability Responsibility and Disclosure Act, potentially avoiding the destruction of millions of gift cards.

With the votes lined up, the Senate is set to vote as early as Thursday on financial regulatory reform. It would then go to President Obama, who is expected to sign the sweeping bill into law soon.

With the votes lined up, the Senate is set to vote as early as Thursday on financial regulatory reform. It would then go to President Obama, who is expected to sign the sweeping bill into law soon.

The final vote on the massive bank reform bill is expected as early as this week, and despite the fact it is almost guaranteed to contain the Durbin interchange amendment bitterly opposed by credit unions, the battle is not over.

An Illinois regulatory agency revoked the license of Creditors Service Bureau of Springfield Inc., a collection agency based in Springfield, Ill., and fined the company $55,000.

Lawsuits filed in the U.S. against units of HSBC Holdings PLC charge that the lender's credit card payment-protection service defrauds disabled, retired and unemployed consumers, according to Bloomberg News.

Filene Research Institute has launched a study to determine the effects the impending interchange amendment in the bank reform bill on credit unions, who are lobbying Congress against the amendment.

Editor's Note: Collections & Credit Risk first published this story on Saturday, July 3. Please check our home page often for breaking news, which can appear on the site long before our pre-scheduled CCR Newsline delivery dates.