Naturally
December 4, 2009 | alternatives, federal legislation, industry | Comments (0)Credit Unions look to get carved out of the CFPA proposal. From the Credit Union Times:
Credit unions with assets of $10 billion or less wouldn’t be subject to an inspection by the proposed Consumer Financial Protection Agency, under an amendment likely to be introduced on the House floor when lawmakers consider the measure.
The amendment would raise the exemption level from $1.5 billion and place credit unions at the same level as banks, according to several sources close to the discussions.
A spokesman for House Financial Services Committee Chairman Barney Frank (D-Mass.) did not return several e-mails seeking comment.
All credit unions would have to comply with the rules issued by the new agency, but the examinations would be done by the NCUA for all but those with assets of more than $10 billion. The CFPA could send a representative on the examination if the credit union’s practices raise concerns.
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