Irked by snub, lawmaker aims to pull the curtains at agency that decides on risk, regulation of nonbank firms.
Differences between the NCUA's risk-based proposal and Basel III requirements will make credit unions less competitive and less able to accumulate capital.
Former U.S. Rep. Barney Frank and Sen. Christopher Dodd in first public appearance together since retiring.
Credit union witnesses will appear before panels to address CFPB reform and regulatory burden.
The decision is historic in that insurance, according to the Congressional Research Service, has been state regulated for 150 years.
Designation of insurer would be a change after 150 years of strictly state regulation.
Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, Texas and West Virginia would join Oklahoma, South Carolina and Michigan in challenge to CFPB, FSOC.
Although the District of Columbia Circuit Appeals Court invalidated President Barack Obama’s recess appointments to the National Labor Relations Board and potentially overturned the board’s decisions since early 2012, credit unions shouldn’t assume the ruling means the CFPB will meet the same fate, said NAFCU President/CEO Fred Becker.
NLRB plaintiffs say the ruling was significant because it occurred in the same court that is hearing the Cordray suit.
Regulators told the GAO the delay is due to the number, complexity and interconnectivity of new law's rules.