House Panel Plans Oversight of NCUA and Credit Union Regulation
The House Financial Services Committee plans to include a review of the NCUA's regulation of the credit union system and discuss possible reforms to the system and the NCUA, according to a draft document obtained by Credit Union Times.
The draft of the committee's oversight plan for the upcoming session says that the panel will "review issues relating to the safety and soundness and regulatory treatment of the credit union industry. In particular the Committee will examine the failures in the corporate credit union system and evaluate possible reforms to the system and to the National Credit Union Administration.''
The document says that the committee plans to "identify and remedy" any unintended consequences of the Dodd-Frank regulatory overhaul. One of the areas the panel plans to follow is the start up of the Bureau of Consumer Financial Protection which is scheduled to begin operating in July.
The document doesn't outline specific reform proposals nor does it contain a schedule.
It is being circulated among committee members for comment and the panel is scheduled to meet on Feb. 10 to discuss and vote on its oversight agenda.