Should the Democrats be successful in achieving a compromise, the legislation is still in danger, with GOP Members in nearly universal opposition to the cram-down provision.
While Republicans had participated in some of the earlier conversations, in recent weeks none has been at the negotiating table, according to lobbyists familiar with the talks.
Additionally, even if the banks and credit unions agree in principle on the cram-down provisions, its unlikely that they will expend a lot of political capital to try to push the bill forward, according to financial services lobbyists.
The difficulty in achieving an agreement demonstrates the basic philosophical divide on the issue, Scott Talbott of the Financial Services Roundtable said. The bulk of the industry remains opposed to the negative effects the bill will have on the market.
Former Sen. Scott Brown, R-Mass., candidate for U.S. Senate in New Hampshire, holds his hand over his heart during the singing of the national anthem as he waits to take the stage for his town hall campaign rally with Sen. John McCain at the Pinkerton Academy in Derry, N.H., on Monday, Aug. 18, 2014.