CUNA will endorse putting a credit union member on a five-member board that some lawmakers are proposing to run the Bureau of Consumer Financial Protection, and will support allowing a council of regulators to overturn bureau decisions by a majority vote.
Those changes will help achieve the association's goals of a "regulatory regime in which consumer protection is maximized and regulatory burden is minimized," State Employees Credit Union of Maryland President/CEO Rodney Staatz said in testimony prepared for delivery tomorrow. He is scheduled to appear before the House Financial Services Committee's Subcommittee on Financial Institutions during a hearing on legislative proposals to change the bureau, which is scheduled to begin operations in July.
Unlike NAFCU, CUNA doesn't take a position on the merits of the legislation to have the bureau run by a five-member board rather than a presidentially appointed director. But CUNA contends that having a person with credit union experience would "enhance the quality of regulation promulgated" by the bureau, which will be housed in the Federal Reserve.
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