Magazine article American Banker

Sununu, Others See Reg Relief, Deposit Bills Moving Ahead

Magazine article American Banker

Sununu, Others See Reg Relief, Deposit Bills Moving Ahead

Article excerpt

WASHINGTON -- House and Senate lawmakers say the push for regulatory relief and deposit insurance reform legislation will be renewed soon.

Speaking Tuesday at a Credit Union National Association conference, Sen. John Sununu, R-N.H., said he was optimistic a reg relief bill will pass the Senate this year. Sen. Sununu, a member of the Banking Committee, said it will hold hearings in the next two months on the bill, which was sponsored last year by Sen. Mike Crapo, R-Idaho.

Two key issues in the Senate are whether to expand the powers of industrial loan companies and whether to permit interest-bearing checking accounts for businesses, Sen. Sununu said.

"These sound like they ought to be issues we can work through," he said. "We don't want perfect to be the enemy" of getting legislation this year.

Rep. Spencer Bachus, R-Ala., the chairman of the financial institutions subcommittee, said he believed the regulatory relief bill would advance this year.

"Regulation is a good thing if it ensures that institutions are safe and sound," Rep. Bachus said. "But when it becomes an unnecessary distraction, an overly burdensome cost, it can really have a negative effect on financial institutions."

Rep. Barney Frank of Massachusetts, the ranking Democrat on the House Financial Services Committee, said he too was hopeful that a regulatory relief bill would pass. He said the concerns about industrial loan companies may have subsided since Wal-Mart no longer appears interested in owning one. …

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