MORTGAGE BANKING ALERT: House and Senate Conferees Hammer Out Financial Reform Bill

    30 June 2010
    U.S. Senate (Senate) and U.S. House of Representatives (House) conferees initially reached agreement on a financial reform bill late last week, with the intent that the full Senate and House would vote on the legislation this week. However, opposition to a bank tax provision added to the bill at the last minute and the death of Senator Robert Byrd (D-WV) meant there were not sufficient votes in the Senate to bring the bill to a vote. The conferees met again on June 29, 2010 and removed the bank tax provision from the bill while providing for an early termination of the Troubled Assets Relief Program and an FDIC premium increase for larger banks to offset the revenue lost by the removal of the tax provision. Final action on the bill now may not occur until after the July 4th holiday.