Financial industry groups are working to influence changes to proposed sweeping legislation overhauling financial regulations. The Senate banking committee is set to mark up the bill next week. Ten issues in the bill have emerged as the primary battle lines. Those issues include funds for a consumer bureau, the prepaid resolution fund and the "Volcker Rule." CBA President Richard Hunt also expressed concern about efforts to scale back the federal government's preemption powers over state rules. "The bill would overturn 150 years of federal preemption that have helped create an efficient nationwide banking system," Hunt said in a statement. Read the full CBA news release.
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