Senators could complete a final product of a financial regulatory overhaul by Memorial Day, Senate Banking Committee Ranking Member Richard Shelby (R-Ala.) said Friday.

The Banking Committee passed legislation proposed by chairman Chris Dodd (D-Conn.) Monday night, but the bill still lacks Republican support. Shelby has said he believes the Senate could get a bipartisan bill.

"I believe that there's a good chance that we can get a regulatory reform bill...before Memorial Day if we can work out a few kinks," he said on CNBC. 

Senators are scheduled to leave Washington for Memorial Day recess on May 31 and will be gone until June 4.

While many believe that Congress will pass a financial reform bill, Republicans have laid out several objections to the legislation unveiled by Dodd after negotiations with the GOP broke down.

Shelby penned a letter to the retiring Connecticut senator and Treasury Secretary Tim Geithner Thursday, saying that he believes the legislation does not end taxpayer bailouts of companies deemed "too big to fail."

Dodd says that his bill does end bailouts and believes that Congress will pass the bill by the end of the year.