WASHINGTON — Credit unions with assets of more than $10 billion would be subject to examination and enforcement by the new consumer financial products agency housed inside the Federal Reserve, according to legislation introduced by Senate Banking Committee Chairman Christopher Dodd (D-Conn.) today.
Dodd said the new entity would be a "strong and independent consumer watchdog" that would be housed at the Fed, run by a presidential appointee and funded independently from the Fed.
All credit unions would have to comply with the rules issued by the new agency but the NCUA would handle the enforcement for institutions that have assets of $10 billion or less. The new regulator's rules could be overturned by a two-thirds vote of the newly created Systemic Risk Council, made up of the heads of several key financial regulators, though not the NCUA.
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