Peace on Earth?
December 23, 2009 | federal legislation, industry | Comments (0)Not really, but Senators Dodd and Shelby seem to be cooperating on moving a financial reform bill. From the story:
The top Senate Democrat and Republican negotiating new Wall Street regulation said Wednesday they expect to resolve their differences before the end of January, an optimistic outlook for a bill that had seemed mired in partisan conflicts.
Sens. Christopher Dodd, D-Conn., and Richard Shelby, R-Ala., issued a joint statement saying bipartisan negotiations have resulted in “meaningful progress.” The Senate Banking Committee could consider a compromise bill as early as Jan. 26, people familiar with the discussions said.
——————
One of the major sticking points between Dodd and Shelby is the proposed Consumer Financial Protection Agency, a central feature of President Barack Obama’s regulatory plan. Dodd supports the idea and Shelby opposes it.
But lobbyists, aides and senators say committee members are considering a proposal that would create an agency that writes consumer regulations but would leave enforcement to specific banking regulators. They said the proposal had yet to be embraced by Dodd and Shelby and could still be scrapped.
We’ll try to get feedback from industry sources to assess whether this is moving in the right direction for the payday lending industry.
Comments»
No comments yet.