Only if a credit union or other financial institution has assetsof more than $10 billion as of this past June 30 are theysubject to direct supervision of the Consumer Financial ProtectionBureau, according to a supervisory statement issued Thursdayby the NCUA and four other agencies.

Financial institutions that were smaller than that on June 30would have to report assets of more than $10 billion for at leastfour quarters before they are subject to supervision by theCFPB.

By contrast, if an institution's assets decline to $10 billionor less for four consecutive quarters the CFPB no longer has directsupervisory authority over it, the statement said.

In the case of an acquisition or merger, the agencies willreview the assets of combined entities and then make adetermination.

The CFPB was created by the Dodd-Frank financial overhaul bill andlobbyists for credit unions and other financial services providersfought for the $10 billion threshold.

Financial institutions that have assets of $10 billion or lessare subject to the CFPB's regulations but the enforcement is doneby the safety and soundness regulator, such as the NCUA.

Three credit unions, the $46 billion Navy FCU, $15 billionPentagon FCU and $23 billion North Carolina's State Employees'Credit Union are subject to direct supervision by the CFPB.

The statement was issued by the NCUA, the Federal Reserve, theFDIC, the Office of the Comptroller of the Currency and theCFPB.

The full statement is available online.