Credit unions with assets of $10 billion or less wouldn't be subject to an inspection by the proposed Consumer Financial Protection Agency, under an amendment likely to be introduced on the House floor when lawmakers consider the measure.
The amendment would raise the exemption level from $1.5 billion and place credit unions at the same level as banks, according to several sources close to the discussions.
A spokesman for House Financial Services Committee Chairman Barney Frank (D-Mass.) did not return several e-mails seeking comment.
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All credit unions would have to comply with the rules issued by the new agency, but the examinations would be done by the NCUA for all but those with assets of more than $10 billion. The CFPA could send a representative on the examination if the credit union's practices raise concerns.
Neither CUNA nor NAFCU would comment on the development. NAFCU has long objected to having credit unions subject to any regulation, either direct or indirect, by the CFPA while CUNA has taken a more nuanced position.
Next week, the House is expected to consider the package of measures on restructuring the way that the financial services industry is regulated.
Today, the House Financial Services Committee approved legislation aimed at giving additional powers to regulate and rescue firms deemed too big to fail. The Federal Reserve would handle the regulation and the FDIC would administer a fund aimed at rescuing troubled institutions. Two weeks ago, the panel passed an amendment that would exempt financial institutions with assets of $50 billion or less-which includes all credit unions-from having to contribute to the fund.
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