Credit unions are hoping that President Obama's latest endorsement of a new agency to regulate consumer products won't be enough to push it through the Senate.
Obama reiterated his support for the Consumer Financial Protection Agency during a meeting last week with Senate Banking Committee Chairman Christopher Dodd (D-Conn.) whose panel is currently writing its version of a measure to restructure the way financial service firms are regulated. An unidentified White House aide told The New York Times that the CFPA is "non-negotiable."
But lobbyists for CUNA and NAFCU contend that Obama may be forced to yield because of the Senate Republicans' unanimous opposition to the CFPA and because several Democrats have also expressed concern about creating a new regulatory agency.
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