The package of bills aimed at restructuring the way the government regulates financial services represents a big step in the right direction, two members of the House Financial Services Committee said today at a breakfast co-sponsored by CUNA.
Reps. Brad Miller (D-N.C.) and Ed Perlmutter (D-Colo.) said that when the House considers the bills next week there will probably be a lot of amendments-including one that will help credit unions-but the essence of the bills will stay the same
Miller said the amendment to exempt credit unions with $10 billion or less in assets from being directly examined by the proposed Consumer Financial Protection Agency represents a good compromise.
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He noted that State Employees Credit Union President/CEO Jim Blaine, whose credit union is located in Miller's district and would be one of three credit unions subject to direct CFPA examination, "was gracious to me" and gave him a campaign contribution, even though he isn't happy with the amendment. Currently, the bill has a $1.5 billion asset-size threshold, which would subject 86 credit unions to direct examination by the CFPA.
CUNA and NAFCU have both expressed concern about the amendment, which they contend would divide credit unions based on size.
Perlmutter said the overall legislative package is strong and even if the CFPA is excluded from the final version, which Republicans in both the House and Senate are pushing for, lawmakers should vote for it.
He noted that of the seven regulatory restructuring bills that have been passed by the House Financial Services Committee, five were passed with strongly bipartisan majorities. The votes on both the bill creating the CFPA and the one aimed at rescuing large companies deemed too big to fail were mostly along party lines.
Miller and Perlmutter spoke at the Policy Breakfast, sponsored by the National Journal. CUNA is a co-sponsor of the series.
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