CFPA at critical juncture
January 27, 2010 | federal legislation, industry | Comments (0)From the FoxBusiness story:
But the initiative remains stuck in the Senate Banking Committee, where the top Republican, Sen. Richard Shelby, (R-AL), has been negotiating with Chairman Christopher Dodd, (D-CT), over a possible bipartisan compromise on legislation. Financial industry sources say one of the main sticking points is the CPFA—and a showdown is coming.
In an interview with FOX Business, Shelby said that while he hopes committee Republicans and Democrats can reach a deal on reform, “we don’t have to have a bill.”
He said he remains “vehemently opposed” to creating a CFPA and “we’ll soon find out” if Democrats are willing to compromises on it and other issues to proceed with legislation.
Shelby would not discuss details of the negotiations. But two financial industry sources said he recently gave Dodd a list of provisions that committee Republicans and Democrats could likely agree on—and provisions Republicans will not accept, including a CFPA.
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