Credit unions won an early victory today when the House Financial Services Committee voted to exempt credit unions with less than $1.5 billion in assets and banks with less than $10 billion in assets from the examination by the proposed Consumer Financial Protection Agency.
The amendment, sponsored by Reps. Brad Miller (D-N.C.) and Dennis Moore (D-Kan.), would require those institutions to comply with regulations that the agency issues, but the examinations would be done by their safety and soundness regulator, though the CFPA could have someone on the examination team. It was approved by voice vote.
Miller told his colleagues that he was introducing the amendment because small banks and credit unions mostly didn't cause the problems that held to the nation's economic downturn and many of them are concerned about the existing regulatory burden.
