A final vote on the Senate's financial regulatory reform package could occur as soon as Friday (May 21), with a potential cloture vote taking place on Wednesday (May 26). Debate on some remaining amendments should continue through the early part of this week, with Senator Chris Dodd (D-Conn.) expected to offer a manager's amendment at some point.

 

Recently, Senator Richard Durbin successfully added interchange fee restrictions to the Senate's financial regulatory reform package. The amendment attempts to shield credit unions from the impact of the new interchange rules, but the Credit Union National Association (CUNA) still has concerns about the impact on credit unions. CUNA is working to further mitigate the amendment's effects on credit unions and has already begun making contacts on Capitol Hill.

 

CUNA has also written to oppose an amendment that would impose an arbitrary, 50-cent limit on automatic teller machine (ATM) transactions.  CUNA is also opposing an amendment from Senator Sheldon Whitehouse (D-R.I.) that would permit states to apply usury ceilings based on where the borrower resides rather than where the financial institution is located.