Federal Legislation Facing Industry Moves Forward

Article excerpt

The two hot-button pieces of federal legislation facing the financial services sector -- House Resolution 10, The Financial Modernization Act, and H.R. 1151, the Credit Union Membership Access Act -- continue to inch forward. Both have the potential to dramatically reshape the industry. And both have been opposed by bankers.

H.R. 10 squeaked by May 13 in a House floor vote, 214-213, and is awaiting approval from the Senate Banking Committee. Recreated several times during months of debate, it still faces opposition from the American Bankers Association, on the grounds that it damages the national charter, inhibits provision of consumer services such as insurance sales, and adds to the regulatory burden. The bill is supported by other financial services areas, such as savings and loans and the securities industry.

H.R. 1151 passed overwhelmingly through the House April 1 in a 411-8 vote and then swept through the Senate Banking Committee April 30 by a vote of 16-2. It is awaiting a Senate floor vote. President Clinton has vowed his support for this bill, which effectively nullifies a February U.S. Supreme Court ruling that credit unions had overstepped their bounds in allowing multiple membership groups. This bill would legalize a practice used in the credit union industry since 1982. People Robert Harris, former chief executive officer of the Oklahoma Bankers Association, has joined the board of Pulse EFT, a not-for- profit shared regional electronic funds transfer network. Harris currently serves as president and CEO of the Austin-based Texas Bankers Association. Also added to the board was Bruce Zimmerman, exeuctive vice president of retail banking for Chase Bank of Texas in Houston. MidFirst Bank has added a new vice president and two assistant vice presidents. * Bob Horn has been promoted to vice president and director of corporate deposit and cash management services. Horn joined MidFirst earlier this year, bringing with him 30 years of cash management experience with several banks in Oklahoma and Wisconsin. Since joining MidFirst, he has been responsible for product development, consulting, sales marketing, and installation of the bank's non- credit oriented commercial services in Oklahoma. * Jack Evans, promoted to assistant vice president, will be responsible for bidding on servicing acquisitions deals. Since joining MidFirst in 1994, Evans has served as a financial analyst and senior financial analyst in the Servicing Acquisition Department. …