CUNA and NAFCU are pleased that the NCUA would remain a separate agency but expressed concerns about several other provisions of the regulatory restructuring bill introduced by Senate Banking Committee Chairman Christopher Dodd (D-Conn.) today.

CUNA President/CEO Dan Mica focused on the additional examination requirements for credit unions as part of the proposed Consumer Financial Protection Agency.

"Credit unions are unique, and need a unique regulator in all aspects of examination and supervision," he said in a statement.

NAFCU Executive Vice President B. Dan Berger expressed concern about the impact of the CFPA on the regulatory burden faced by credit unions, as well, but also took issue with listing credit unions among the financial institutions as potential systemic risks.

He said that since credit unions "make up such a small small part of the financial services arena, we continue to believe to be considered part of the systemic risk consideration is unnecessary."

NASCUS President/CEO Mary Martha Fortney said they are reviewing the legislation to assess its impact on state regulators and state-chartered credit unions. She said that her association is "concerned about preemption and state authority issues in regulatory reform efforts and will continue to express our concerns and perspectives to Congress as legislation moves forward in the House and Senate."