McWatters to CFPB: Give Us Consumer Protection Authority Over Big CUs
The NCUA's McWatters asks CFPB's Cordray for conditional exemption for largest CUs from examination and enforcement authority.
By David Baumann |
Updated on July 06, 2017
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NCUA Chairman J. Mark McWatters is asking the CFPB to cede consumer protection enforcement and examination authority for credit unions with assets of more than $10 billion and to give the NCUA primary authority over the institutions.
Six federally insured credit unions—Navy Federal Credit Union, State Employees’ Credit Union, Pentagon Federal Credit Union, Boeing Employees Federal Credit Union, SchoolsFirst Federal Credit Union, and The Golden 1 Credit Union—have assets of $10 billion or more, the NCUA said.
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