Baumann: The House Financial Services Committee started its markup of Chairman Jeb Hensarling's financial services overhaul legislation. Normally for a 512-page bill, you would expect the markup to take several hours, if not a couple of days. What happened here is that Congresswoman Maxine Waters, the ranking Democrat on the committee, said that the bill was so bad that Democrats didn't even want to try and save it or amend it, and instead, she moved to end debate and call the previous question, which brought the bill to a vote.

Ogden: Which means what? Where does it go now? What do our credit union executives need to understand about this?

Baumann: The bill now goes to the House floor, but it's probably going to end with House passage. A companion bill has not been introduced in the Senate. It's not expected that a companion bill will be introduced in the Senate. If a companion bill were to be introduced, Democrats would have the votes to block it and, if by some strange chance it passes the Senate, President Obama would be sure to veto it. So this is really setting the stage for a debate next year over financial services overhaul. Of course, the wild card here is the election. Who knows which party will be controlling the Senate, and that could be the determining factor for any of this kind of legislation.

Ogden: I want to point out that there's been a lot of chatter recently that we have both noticed surrounding this particular bill. Why are people so excited about this?

Baumann: Well it really does set the stage for a debate next year over whether Dodd-Frank has worked or whether there needs to be any changes to Dodd-Frank. There isn't going to be much this year, but we're looking ahead to next year.

From financial overhaul to Dodd-Frank to the presidential election, we're watching every piece of the puzzle to find out how, and if, it all falls into place for credit unions – good or bad. You'll find analysis from our correspondents and experts as we go through November and beyond.