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Credit unions and community banks with assets of less than $10 billion in assets wouldn’t be covered by any regulations promulgated by the new consumer agency, under the provisions of an amendment introduced yesterday by Sen. Sam Brownback (R-Kan.).

The amendment would transfer rulemaking authority over institutions of $10 billion or less in assets to the NCUA and other safety and soundness regulators from the consumer regulator. As the regulatory overhaul bill is currently written, all financial institutions would have to comply with the regulations issued by the new consumer regulator, but only those with assets of $10 billion or more would be examined by the new entity. Consumer laws would be enforced by the safety and soundness regulator, such as the NCUA.

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