Regulatory & Compliance

On a day when he was pushing his plan to have one super regulator for banks, Senate Banking Committee Chairman Christopher Dodd, (D-Conn.) said today that credit unions wouldn't be under the purview of such an agency.

Responding to a request from NCUA Board Member Michael Fryzel for legislative language addressing credit union's need for alternative sources of capital, CUNA and NAFCU have agreed on a secondary capital package.

ALEXANDRIA, Va. -- Federally insured credit unions will have to pay a 0.15% premium to replenish the NCUSIF and to finance the Corporate Stabilization Fund, as a result of the NCUA Board's unanimous decision today.

Key lawmakers are holding a press conference tomorrow to announce legislation to speed up the effective date of the remaining CARD Act provisions to Dec. 1.

Treasury Secretary Timothy Geithner said today that the Obama administration no longer favors a requirement that financial institutions offer only "plain vanilla" consumer products.

While some of the proposals to revamp the way financial services are regulated are well meaning, they could have unintended consequences that harm credit unions and therefore lawmakers should proceed with caution.