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Credit unions should take a close look at the well-intended but poorly crafted Consumer Financial Protection Agency, or CFPA, that is scheduled to come up for a vote by the House Financial Services Committee when Congress returns from its summer break.

The original purpose of the legislation, H.R. 3216, was to rein in unregulated entities and activities that played a role in the most recent economic crisis. It was particularly aimed at predatory mortgage lending. While neither credit unions nor the credit insurance they provide their members played any part in the problem, they would both be brought under the new agency. The legislation would further splinter regulation of credit unions and, for credit insurance, would add a duplicative layer of costly regulation on top of an insurance product that is already highly regulated by each state in which credit unions operate.

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Peter Westerman

 

Credit Union Times

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