NCUA and Other Agencies Gear Up for Dodd-Frank Act Enforcement
The Consumer Financial Protection Bureau probably won't be up and running until early next year, but the NCUA, other agencies and the credit union trade associations are already starting to gear up.
NCUA Chairman Debbie Matz participated in a July 29 meeting of other agency heads with Treasury Secretary Timothy Geithner to determine staffing requirements of the CFPB. The NCUA is expected to lose some personnel to the new agency.
Barr was a key architect of and negotiator with Congress on the regulatory overhaul bill. CUNA and NAFCU staff members who have met with him said he has been willing to listen to their concerns even when he disagreed. Barr, who also served as a deputy assistant treasury secretary during the Clinton administration and is on leave from the faculty of the University of Michigan Law School, is a strong advocate for administration positions, but he expresses his views in a low-key manner.
Warren, who came up for the idea with the CFPB in an academic journal article, is the favorite of many consumer groups in part because of her strong criticisms of certain financial institutions and credit card companies. CUNA and NAFCU officials have said she has been willing to meet with them but doesn't back down from her views. Warren has clashed with some administration officials-including Geithner-in her role as chairman of the congressional panel that is overseeing the Troubled Asset Relief Program.