One More Shot at Reg Relief

WASHINGTON-A mark up of regulatory relief legislation has been tentatively scheduled for Nov. 16, according to a CUNA lobbyist. Gary Kohn, CUNA’s vice president of legislative affairs and senior legislative counsel, said the Financial Services Regulatory Relief Act (H.R. 3505) may have another shot to advance in the House before Congress adjourns for the session. The credit union trades have been lobbying to get Prompt Corrective Action reform and expanded business lending powers tacked on to the bill, but the House appears to be following a “no amendment strategy,” he said. CUNA still supports the reg relief bill even without the PCA and member business lending amendments. Congress is expected to adjourn probably just prior to Thanksgiving and not return until January. The bill will be able to proceed from whatever point it ends the legislative session in the second session of the 109th Congress next year.