The House is today beginning what could be three days of debate on a far-reaching bill to overhaul the way the government regulates financial services.
Of special interest to credit unions is a proposal to create a Consumer Financial Protection Agency, which both CUNA and NAFCU have expressed concern about.
Both are urging lawmakers to support amendments that would exempt credit unions with assets of $10 billion or less from being examined by the CFPA. In a letter to lawmakers, CUNA President/CEO Dan Mica also urged lawmakers to encourage the CFPA to delegate examination of the larger credit unions to the NCUA and also make sure that CFPA relies on the examinations of state-chartered credit unions by state regulators to ensure compliance with federal consumer laws.
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