Even credit unions concerned
November 3, 2009 | alternatives, federal legislation, industry | Comments (0)From Credit Union Times:
Although the legislation to create a Consumer Financial Protection Agency passed the House Financial Services Committee easily, the remainder of the process will likely be complicated and the fate of credit unions’ concerns is anything but clear.
Given the Democrats’ majority in the House (256-158 with two vacancies), the measure–which exempts credit unions with assets of less than $1.5 billion from the agency’s direct purview–is expected to pass that chamber when it comes up for a vote later this month.
Lobbyists for CUNA and NAFCU both said they have met with committee staff members since the bill was approved by the panel last month and said they came away cautiously optimistic that lawmakers will make changes that will give credit unions more of what they are looking for.
“We think they would like to be helpful in addressing our concerns about examination and enforcement,” said CUNA Vice President for Legislative Affairs Ryan Donovan.
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