An independent consumer financial regulator might be less sensitive to the safety and soundness implications of potential new rules than one housed inside the Federal Reserve. However, an agency inside the Federal Reserve might pick up some of the Fed's habits on consumer enforcement.
The competing models for the regulator-the House-passed bill mandates an independent entity, while the bill pending in the Senate calls for it to be housed inside the Fed and headed by a presidentially appointed director-each offer advantages and challenges for credit unions and other financial service providers.
"It's more worrisome if it's an independent entity," said Alex Pollock, a regulatory specialist at the American Enterprise Institute, a conservative Washington think tank.
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