Regulatory & Compliance

Credit unions won an early victory today when the House Financial Services Committee voted to exempt credit unions with less than $1.5 billion in assets from the examination by the proposed Consumer Financial Protection Agency.

Credit unions will be able to help credit-deprived businesses if the cap on member business lending is lifted and if certain SBA lending programs were modified.

WASHINGTON -- NCUA Chairman Debbie Matz and NASCUS Chairman Thomas Candon told lawmakers today that any effort to consolidate banking regulators should keep NCUA separate and independent.

Although the economy is expected to improve, credit unions still face several years of difficulties as a result of the residual effect of the recession, NCUA Chairman Debbie Matz said in testimony prepared for delivery to a Senate subcommittee.

On a voice vote following minimal debate, the House today approved a measure giving credit unions and other financial institutions more flexibility on providing notification to consumers about non-credit card accounts.

Credit union executives and volunteers interested in learning about the compliance requirements of the CARD Act can sign up for CUNA's Oct. 20 audio conference call on the subject.