NAFCU President/CEO Fred Becker urged Treasury Secretary Timothy Geithner to allow the greatest amount of transition before he transfers responsibilities to the Consumer Financial Protection Bureau.
Becker wrote that a long lead time is needed because credit unions have been "inundated with regulations," that require time and money to comply with.
Under the regulatory overhaul passed by Congress, and likely to be signed into law next week by President Obama, Geithner must transfer regulatory functions to the new agency between six and 12 months after the bill is enacted. Geithner can delay the transfer an additional six months if the time is needed
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
