Credit Union Newswatch: Banking Committee Sets 2005 Priorities

Among the legislative priorities of the Senate Banking Committee this year are several initiatives and oversight areas in which CUNA is interested.

These issues will receive the most attention from Chairman Richard Shelby (R-AIa.) in the upcoming months.

The first among the committee's key priorities is considering regulatory reform of the housing government-sponsored enterprises, Fannie Mae and Freddie Mac. The committee will also consider a thorough series of terror finance and money laundering issues-including a review of the national money laundering strategy. Ensuring the nation's "critical infrastructure," which includes credit unions is also a top priority for the chairman.

Also listed as top priorities: Pressing forward with efforts to reform the deposit insurance system and regulatory relief.

Finally, attention will be given at full or subcommittee level for issues including financial accounting standards, reform of the Real Estate Settlement Procedures Act, implementation of the Check 21 Act, oversight of the Gramm-Leach-Bliley Act and Internet gambling.