WASHINGTON — The top Treasury Department official on credit unions said that the proposed agency to regulate consumer financial products will give credit unions a more stable regulatory environment in which to operate.
Such an agency will foster a "more predictable regulatory environment" in which it will be "easier to build a sustainable business," Assistant Treasury Secretary Michael Barr told attendees at CUNA's Governmental Affairs Conference.
He said the proposed Consumer Financial Protection Agency will mostly affect big banks and nonbanks. He noted that now the government spends 15 times more money regulating banks and credit unions than on nonbanks, even though there are five times as many nonbanking institutions.
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