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December 9, 2009 - The comprehensive regulatory reform bill comprised of the legislative work of the House Financial Services Committee is scheduled for consideration by the full House as early as December 8.
H.R. 4173, the Wall Street Reform and Consumer Protection Act, addresses systemic risk, “too big to fail” institutions, executive compensation, investor protection, credit rating agencies and the Consumer Financial Protection Agency (CFPA), among other financial reforms.
Debate and votes on amendments are planned for the next few days, with the possibility of a vote by Friday, December 11. The House Committee on Rules posted the amendments to be considered on its website here. Several amendments address the exemption of credit unions from the oversight of the Consumer Financial Protection Agency (CFPA). NASCUS will report on activity with these amendments as information becomes available. As currently written, only credit unions under $1.5 billion in assets would be exempt from CFPA examinations.
H.R. 4173 would create a Financial Services Oversight Council to monitor systemic risk in the financial services arena. The chairmen of the federal banking agencies including the National Credit Union Administration are voting members of this Council. The Council would have an Advisory Board made up of a state bank supervisor and state insurance commissioner, both nonvoting members.
The legislation would establish a new process for winding down large, financially troubled non-bank institutions in a manner that does not impact taxpayers. In addition, it would impose higher scrutiny on bank holding companies and non-bank institutions.
To view the full legislation, click here.
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