Ryan Donovan, CUNA's SVP of legislative affairs, said he is confident the Government Accountability Office will conduct a Regulation D study even if legislation does not pass out of the Democratic-led Senate.
The Republican-controlled House approved the Regulation D Study Act 422-0 Dec. 2, which would require the GAO to make recommendations to Congress on how to update the law to better reflect modern technology and account usage.
Reg D is an early 1980s-era policy that limits consumers to six remote transfers between their checking and savings accounts per month.
Donovan said there are a number of ways to get a GAO study, including a request from a member of Congress or committee chairman.
"The bill passed last week on a very strong vote out of the House so we're going to be working with the sponsors regardless of whether the Senate passes this bill. We'll be working with the sponsors to get the GAO to agree to do the report," he said on a conference call Monday.
Donovan added, "So, all of that is my way of saying that even if the Senate doesn't take up the bill, we have a degree of confidence in that we're going to get the report."
The 113th Congress adjourns Dec. 12.
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