Oxley expects financial services bill vote soon

By John Poirier

WASHINGTON (Reuters) - A key U.S. House of Representatives lawmaker on Tuesday said he expects the House to approve a bill to reduce regulatory burdens on the financial services industry, including credit unions, by early next month.

"We hope to go to the floor early next month with that legislation. We think we will get a strong bipartisan vote in the House for regulatory relief," Michael Oxley, chairman of the House Financial Services Committee, told a credit union conference.

He urged attendees of the conference held by the Credit Union National Association to press this issue and others during their visits with lawmakers on Capitol Hill this week, saying that bipartisan support in the House "will be a very important signal to the Senate that this is the time and this is the Congress to get that job done."

The bill would help certain credit unions to expand the number of service centers, increase investment options, extend the terms of loans, offer check-cashing and money-transfer services, and get certain exemptions regarding mergers and broker-dealer activities.

The issue will be considered at a hearing Wednesday morning by the Senate Banking Committee. Regulators, representatives of the banking and credit union institutions, and consumer groups are expected to testify.

Oxley, who is retiring after his present term, said he hoped to ...for more of the story from Reuters