Tuesday, May 25, 2010

Financial Regulatory Reform; American Bankers Association (ABA); Fin Reg reform; Auto dealers get symbolic victory in Senate

· American Bankers Association (ABA) – they held a conf call on Mon to discuss the
recently passed Senate regulatory overhaul bill; JPMorgan’s Financial Desk Analyst A
Roitstein listened and took notes (available upon request); the ABA thinks the Collins and
Lincoln amendments will wind up being “fixed”; re Collins, the ABA thinks existing TruPS
will be grandfathered in.
· Fin Reg reform – the House and Senate named some of the participants of the conferencing
committee; Rep Frank, Dem Senators Dodd, Lincoln, and Republican Senators Shelby and
Chambliss will be named to the committee. The following Senators are also expected to be
named: Democrats Tim Johnson, Charles Schumer, Tom Harkin, Patrick Leahy and Jack
Reed, and Republicans Mike Crapo, Judd Gregg and Bob Corker. House Speaker Pelosi
must name members to the committee to join Frank, although aids say she may not do this
until the second week of June (WSJ)
· Auto dealers get symbolic victory in Senate; further evidence that conferencing process
could wind up softening certain provisions of the Senate bill; the Senate voted 60-30 to direct
Senate lawmakers to adopt language from the House bill concerning auto dealers and the new
proposed consumer financial protection agency; the House bill exempts auto dealers from the
new agency; the Senate vote is non-binding but could signal that lawmakers are favoring the
House bill on certain important matters (WSJ)

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