Sen. Sam Brownback (R-Kansas) wants to exempt small banks and credit unions from a new consumer financial regulator part of the Wall Street overhaul.
Brownback is supporting an amendment that would carve out banks and credit unions with less than $10 billion in assets from the consumer regulator's rulemaking, examination and enforcement reach.
It is unclear if the amendment will come up for a vote.
"Everyone keeps recognizing and saying, small institutions like credit unions didn't cause the crisis...now the Senate has an opportunity to vote on that fact," said Dan Berger, executive vice president of the National Association of Federal Credit Unions (NAFCU). "We strongly prefer no arbitrary threshold line but this is a tremendous first step for Senators to vote to prevent additional regulatory burden costs on small institutions."