Despite a June 4 Memorandum of Understanding released jointly by five federal financial supervisory agencies that outlines how they will coordinate their supervisory activities to reduce regulatory burden, NAFCU President/CEO Fred Becker has asked Treasury Secretary Timothy Geithner, acting as chairman of the Financial Stability Oversight Council, to intervene on behalf of credit unions.

“As we have approached each agency regarding the ever-increasing regulatory burden, they quickly respond that the rules being issued by other agencies are outside of their purview,” Becker wrote in a letter to Geithner on June 27. “NAFCU believes the FSOC is well-positioned to rectify this lack of coordination. We ask that you establish within the FSOC robust interagency coordination on the issuance of rules impacting financial institutions.”

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