Trades Sending Witnesses to Consumer Agency Hearing
Washington Gas Light FCU President/CEO Lynnette Smith and State Employees Credit Union of Maryland President/CEO Rodney Staatz will discuss the impact of the new consumer bureau on credit unions at a House subcommittee hearing on Wednesday.
The House Financial Services Committee’s Subcommittee on Financial Institutions will be holding a hearing on legislative proposals to change the structure of the Consumer Financial Protection Bureau, which is scheduled to begin operating this summer.
One proposal would replace the director of the agency and have the bureau run by a five-member board. Another proposal would increase the number of votes needed to overturn bureau regulations.
Smith is testifying on behalf of NAFCU and Staatz is testifying on behalf of CUNA.
NAFCU opposed the bureau altogether while CUNA said it realized that the bureau would likely come into existence in some form, and both worked to minimize its impact on credit unions. Currently, only credit unions with assets of more than $10 billion are subject to the agency’s direct supervision but all credit unions must comply with its rules.
Click here for details on the hearing.