NAFCU President/CEO Fred Becker urged Treasury Secretary Timothy Geithner to allow the greatest amount of transition before he transfers responsibilities to the Consumer Financial Protection Bureau.
Becker wrote that a long lead time is needed because credit unions have been "inundated with regulations," that require time and money to comply with.
Under the regulatory overhaul passed by Congress, and likely to be signed into law next week by President Obama, Geithner must transfer regulatory functions to the new agency between six and 12 months after the bill is enacted. Geithner can delay the transfer an additional six months if the time is needed
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