Pub. 5 2010-2011 Issue 5

www.nebankers.org 16 Extraordinary Service for Extraordinary Members. of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Neither committee is expected to pursue a significant rewrite of this legislation. Since President Obama would be pre- sumably unwilling to sign any legisla- tion into law that modifies this new law in a significant way, neither the House nor Senate is expected to expend the Q 112th Congress energy to repeal or significantly alter this legislation. However, the com- mittees may revisit certain parts of this new law. Chairman Bachus is expected to be very aggressive in conducting regula- tory oversight of the Dodd-Frank Act within the Obama administration. Oversight of implementing the new law will be extensive, considering the list of different rulemakings, studies, and reports is more than 136 pages. In particular, the Bachus-led committee is expected to conduct vigorous oversight over the establishment of the Consum- er Financial Protection Bureau, which is housed within the Federal Reserve. As you know, the bureau will have the authority to issue rules that apply to all banks. However, the enforcement ability of the bureau generally applies to banks that have greater than $10 billion in assets. With respect to a legislative agenda, Chairman Bachus will advocate for a significant overhaul of the activities of Fannie Mae and Freddie Mac. He unsuccessfully attempted to address government-sponsored enterprise (GSE) reform in the Dodd-Frank Act. With Bachus as chairman, he will likely advocate for, among other things, a reduction of Fannie and Freddie’s mortgage portfolio by 25 percent over four years. Moreover, he likely will directly target the executive compen- sation packages of Fannie and Freddie executives. GSE reform is expected to be a top priority of Chairman Bachus. Chairman Bachus also is expected to push an effort to end the Troubled Asset Relief Program (TARP). He has been very outspoken in his effort to end what he views as taxpayer bailouts for financial institutions. Furthermore, Chairman Bachus also may look at modifying the Community Reinvest- ment Act (CRA) as well as examine Federal HousingAdministration (FHA) housing reform. With respect to the agenda of the Senate Banking Committee, this com- mittee is expected to have a less robust legislative agenda than its House com- mittee counterpart. However, Chair- man Johnson will presumably focus on issues of concern to small community banks. Moreover, the following topics also may be on his committee agenda: mortgage foreclosures and consumer protection; affordable housing; and GSE reform. The EFT You can TRUST NetWorks is the Electronic Funds Transfer (EFT) service provider that Nebraskans have used and learned to trust like family for over 30 years. Our highly experienced staff is extremely knowledgeable and resourceful when it comes to assisting your institution. Give us a call to learn more about our services, you’ll have the opportunity to talk to someone who truly cares about and understands your EFT service needs. www.netseft.com Toll Free 800-735-6833 Local 402-434-8202