The House Financial Services Committee could deal with the question of whether the proposed Consumer Financial Protection Agency will be able to preempt state consumer laws when it resumes the markup of legislation tomorrow.
It hasn't been decided whether an amendment to exempt federally chartered financial institutions from most state laws, will be discussed by the panel or if the issue will be dealt with in private negotiations. Credit unions say the measure is important to avoid regulatory duplication and overburden.
One amendment would allow preemption if a state law is deemed to discriminate in favor of state-charted financial institutions.
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Lobbyists for CUNA and NAFCU also said they are hopeful they can persuade lawmakers to broaden the exemption for credit unions from the purview of the new agency.
The amendment approved by the panel last week exempts credit unions with less than $1.5 billion in assets and banks with less than $10 billion in assets from the examination by the proposed Consumer Financial Protection Agency and the trades are pushing for a total exemption for credit unions.
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