Lawmakers were trying at press time to iron out a bipartisan agreement on legislation to overhaul the way financial services are regulated.
While the provisions impacting credit unions-which mostly center on a new entity to regulate consumer financial products-were not a major source of conflict during the most recent negotiations, lobbyists for CUNA and NAFCU said because the process is fluid there is still a chance for additional changes.
The Senate bill, which was passed last month by the Senate Banking Committee along party lines, would house the new consumer regulator inside the Federal Reserve, but it would be headed by a presidential appointee. Under the version passed by the House last year, the regulator would be an independent agency. Under both versions, the new regulatory entity would only have direct examination authority of financial institutions with assets of more than $10 billion. Only three credit unions are that large: Navy Federal CU, Pentagon Federal CU and State Employees' Credit Union.
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