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A handful of areas in credit unions’ trust and investment services realm could be affected by the Treasury Department’s proposed Consumer Financial Protection Agency.

Broadly speaking, the proposed agency would work with other regulators to have wider authority over consumer-oriented financial products such as mortgages and credit cards. At the very least, the new entity would work to strengthen the SEC’s investor protections by increasing disclosures, protecting whistleblowers, and establishing a fiduciary duty for broker-dealers, according to the Treasury’s proposal. Some employers would be required to offer automatic individual retirement accounts with investment choices mandated by statute or regulation and offer stronger encouragement to beef up 401(k) retirement plan participation.

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