Dodd to Stay on Banking

Credit unions kept their go-to guy in the Senate last week when Banking Committee Chairman Christopher Dodd announced he would stay in that position.Dodd (D-Conn.) said he was remaining because there is “more work to be done” in revamping the regulation of financial services and protecting consumer.He will continue to be point person for restructuring efforts. Dodd has said he favors having one regulator for all banks, but several lobbyists for credit unions have said Dodd’s staff has indicated that he favors keeping the NCUA as an independent agency.“Too many Americans have lost their jobs, their homes, their life savings in this crisis. We must never allow this to happen again. We have held more than 50 hearings in our effort to develop the strongest legislation that best protects consumers and helps businesses grow jobs. And this fall, we will get that legislation done,” he said.Dodd will also have much to say about President Obama’s proposal to create a separate agency to regulate consumer financial products.Unlike banking lobbyists, CUNA and NAFCU have not opposed the proposal, though they have been pushing hard to limit its scope, arguing that credit unions are already heavily regulated.Dodd has said he will also remain actively involved in the health care battle but declined the chance to and become chairman of the Health, Education, Labor and Pensions Committee, a vacancy created by last month’s death of Sen. Edward M. Kennedy (D-Mass.) from brain cancer.The veteran lawmaker, who has been the Senate since 1981, faces a difficult re-election fight next year, and credit unions have helped him prepare for his latest political challenge.Since 2005, CUNA’s PAC has contributed $7,000 to Dodd’s re-election campaign and NAFCU’s has contributed $6,000. During that time, Dodd has raised $6.5 million, according to data compiled by the Center for Responsive Politics.–[email protected]