CUNA staked out a position on the new Consumer Financial Protection Agency somewhere in between the Obama administration and those who don't want any new regulator at all.

The association said the new CFPA should not preempt the NCUA, but its rulings should preempt state rules, and it should be required to streamline and modernize consumer regulation.

CUNA is also pushing lawmakers to finance the agency from federal funds rather than fees levied on specific products, although examination fees should be allowed; to give the agency a structure that allows credit unions to decide what products are appropriate to offer their members; to only require the collection of deposit data by census tract from institutions not required to provide that information to state or federal regulators; and to add another seat on CFPA board for a credit union regulator or industry representative.

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