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
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Becker wrote that credit unions should have additional time to prepare for what is likely to be an additional regulatory burden.
During comments to reporters following yesterday's passage of the overhaul bill by the Senate-the House had passed it on June 30-Obama mentioned credit unions as one of the financial institutions that would benefit from the bill.
"In short, Wall Street reform will bring greater security to folks on Main Street-to families who are looking to buy their first home or send their kids to college; to taxpayers who shouldn't have to pay for somebody else's mistakes or irresponsibility; to small businesses, community banks and credit unions who play by the rules; to shareholders and investors who want to see their companies grow and thrive," he said.
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