Congress completed work today on what some said is the most comprehensive financial regulatory bill since the New Deal when the Senate approved the measure 60 to 39.
The bill, which was passed by the House on June 30 and now goes to President Obama for his signature, was a compromise of earlier versions of the measure.
A key provision for credit unions is the creation of the Consumer Financial Protection Bureau to regulate consumer financial products. Credit unions with assets of $10 billion or less will have to comply with bureau's rules and regulations but the enforcement will be done by the NCUA. The CFPB, housed in the Federal Reserve, will conduct consumer enforcement of the three credit unions with assets of more than $10 billion. It also gives the NCUA chairman a seat on the panel that has the power to determine if a troubled financial institution is a systemic risk and is empowered to review rules issued by the CFPB.
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