Much of the debate around a proposal to create a new agency to regulate consumer financial products centers on a four-letter word: turf.
The NCUA, which shares some of the responsibility with the Fed and other agencies for consumer protection, is working to ensure that it won't lose some of its powers if Congress approves President Obama's proposal to create the Consumer Financial Protection Agency.
While the credit union regulator hasn't taken a position for or against a new regulator, NCUA General Counsel Robert Fenner has some concerns. While he said he is pleased that the Obama administration wants to keep his agency independent-in contrast to a proposal put forth during the Bush administration-he wants to be sure that lawmakers and administration officials understand the NCUA's unique knowledge of credit unions.
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