NAFCU will endorse GOP-backed legislation to have the new Consumer Financial Protection Bureau governed by a five-member board and allow its decisions to be overturned by majority vote of a council of regulators.
The bureau, which is supposed to begin operating in July, is "potentially problematic," and will create "burdensome and unnecessary," compliance costs, Washington Gas Light FCU President/CEO Lynnette Smith said in testimony prepared for delivery before a House subcommittee tomorrow.
Smith, testifying on behalf of NAFCU, said replacing the director with a five-member board will make for better policymaking. She added that allowing a majority of the members of the Financial Stability Oversight Council to overturn bureau regulations–rather than the current two-thirds–ensures that safety and soundness won't take a back seat in the new regulatory environment.
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