Netting, `Cooling Off" Provisions Make it into 9/11 Commission Report

WASHINGTON-The House Financial Services Committee voted to approve its 9/11 Commission legislation (H.R. 10) Sept. 29. Language creating a one-year cooling off period for examiners before they go to work at the institutions they examined was inserted into the bill, according to NCUA Director of Congressional and Governmental Affairs Cliff Northup. He explained that this was fallout from the Riggs Bank scandal and NCUA did not support it, but was involved in the drafting. The bill also was amended to include the netting provision from the bankruptcy reform legislation. NCUA was in favor of this amendment, in contrast to CUNA’s strong stance against separating it from the stalled overall bankruptcy reform legislation. CUNA Vice President and Senior Legislative Counsel Gary Kohn said the trade is working with the House leadership to ensure the provision does not make it into the final version of the bill, but he said it was “too soon to say” whether they can be optimistic about that or not. CUNA is also working on the Senate side, in case it gets that far. Congressman Ed Royce (R-Calif.) teamed up with two other congressmen to introduce an amendment to prohibit the use of matricula consular cards to open financial institution accounts, but were unable to push it through. The measure was defeated by a 22-47 vote, according to Kohn. Kohn also pointed out that NCUA had been looking for a sponsor for an amendment to re-establish its authority to oversee credit union vendors. CUNA lobbied against it and the measure failed to even get introduced.