Blaine says he prefers CFPB to NCUA. Cheney opposes leaving just one credit union under CFPB supervision.
By Heather Anderson, Nicholas Ballasy|August 01, 2014 at 02:25 AM
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Reaction was lukewarm to a bill introduced Thursday in the Senate that would reduce the number of credit unions directly supervised by the CFPB. The bill, introduced by Sens. Pat Toomey (R-Pa.) and Joe Donnelly (D-Ind.), would increase the minimum asset size of institutions under the CFPB’s supervision to $50 billion.
Jim Blaine, CEO of the $28 billion State Employees’ Credit Union in Raleigh, N.C., joked that a $500 billion threshold would be much better.
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