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Trades Gear Up for Restructuring Markup

Preemption of state laws and exempting more credit unions from examination by the new consumer regulator are key priorities of the credit union trade associations as a Senate panel begins marking up regulatory restructuring this afternoon.

By Claude R. Marx | Updated on March 21, 2010

Preemption of state laws and exempting more credit unions from examination by the new consumer regulator are among the key priorities of the credit union trade associations as the Senate Banking Committee begins marking up regulatory restructuring legislation this afternoon.

NAFCU Director of Legislative Affairs Brad Thaler said they had found some interest among lawmakers in an amendment that would let the NCUA preempt any law that “prevents or significantly interferes” with the ability of a credit union to operate. This would give credit unions parity with what coverage the banks have in the bill.

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