BECU Near $10 Billion Mark
The Consumer Financial Protection Bureau may have a fourth credit union to directly examine next year.
Boeing Employees Credit Union had $9.9 billion in assets at the end of 2011, according to its Financial Performance Report, up from $9.6 billion at the end of December.
The Tukwila, Wash., institution is a state-chartered and federally insured credit union.
Once a credit union has assets of more than $10 billion for four consecutive quarters the CFPB has direct supervisory authority over it.
Currently, the bureau has that authority over the $44.4 billion Navy Federal of Vienna, Va., the $23 billion State Employees’ CU of Raleigh, N.C., and the $15.1 billion Pentagon FCU of Alexandria, Va.
All credit unions are subject to the rules issued by the CFPB but the enforcement is done by the NCUA and state regulators for those with assets of $10 billion or less.