WASHINGTON (5/22/12)--Credit unions continue to make the most of the momentum created by last year's Bank Transfer Day, attracting around half a million new memberships in March, as reported earlier in News Now. These new memberships may be moving some credit unions closer to the $10 billion-assets threshold that triggers consumer protection enforcement and supervisory authority of the Consumer Financial Protection Bureau (CFPB).
Credit unions with less than $10 billion in assets are exempt from supervision and enforcement by the CFPB
Washington's Boeing Employees CU (BECU) could soon join the list of credit unions subject to CFPB examination. It exceeded $10 billion in assets for the quarter ended March 31. However, BECU would need to hold more than $10 billion in assets for four consecutive quarters to come under CFPB examination authority under CFPB rules set by teh Dodd-Frank Act.
North Carolina's State Employees CU, Navy FCU, and Pentagon FCU are the only credit unions that are currently subject to CFPB examination.
Marc Shafroth, Credit Union National Association (CUNA) director of data and statistics, said BECU's recent rate of growth means that credit union would likely come under CFPB examination authority in March 2013.
SchoolsFirst FCU, Santa Ana, Calif., could also join this list in the next few years, according to Shafroth. That credit union held $9.4 billion in assets as of March, and Shafroth said it may be another year before SchoolsFirst eclipses $10 billion in assets.
Alliant CU, Chicago, Ill., may also come close to the $10 billion-asset threshold in the coming years, as that credit union held $8.4 billion in assets as of March.
CUNA continues to press the CFPB to minimize the impact of CFPB rules on credit unions where possible and appropriate.