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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.