The regulatory overhaul legislation, H.R. 4173, could reach the House floor today, according to NAFCU.

But Senate negotiations on the bill reopened yesterday, following the death of Senator Robert Byrd (D-W.V.), in order to maintain the 60-vote supermajority needed to prevent a filibuster. However, Politico reported the administration as saying final passage is likely to come after the Independence Day recess, but the regulatory overhaul is expected to pass.

While Financial Services Committee Chairman Barney Frank (D-Mass.) reportedly circulated a letter supporting the $10 billion floor for institutions governed by new interchange fee rules to come from the Federal Reserve, NAFCU said it was immaterial; the marketplace will force smaller institutions down to the levels set by the Fed. CUNA plans to work with the Fed on ensuring smaller institutions are treated as exempt and the Frank memo provided a good outline of congressional intent.