From today’s article in The Hill:

Instead of a separate agency, Dodd and Sen. Richard Shelby (R-Ala.) have discussed a new division for consumer financial protections within a regulator over national banks, several industry sources say. But the two sides are split over how much independence and rule-making power to give to a new division, among other issues.

The differences lie in the division’s scope and power to write rules over banks. Democrats have supported strong rule-writing power, while Republicans have generally favored leaving rule-making authority at the existing regulators instead of pooling the powers in the new division.