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CU Issues Are Part Of Financial Services Oversight Plan
WASHINGTON (2/14/13)--Credit unions' regulatory treatment, and the safety and soundness of the credit union industry are among the items the House Financial Services Committee plans to address during the 113th session of the U.S. Congress.

"The committee's oversight plan reflects that the committee is listening--and wants to continue to listen--to our concerns about the crisis of creeping complexity. We look forward to continuing this discussion and addressing this critical credit union issue," Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said.

The committee's draft oversight plan also lists National Credit Union Administration activities and National Credit Union Share Insurance Fund solvency as two oversight objectives. "The committee will continue to review the current regulatory burden on banks, thrifts, and credit unions with the goal of reducing unnecessary, duplicative, or overly burdensome regulations, consistent with consumer protection and safe and sound banking practices," the oversight plan adds.

Ensuring that regulators carefully and transparently assess the costs and benefits of regulations called for by the Dodd-Frank Act to strike an appropriate balance between prudent regulation and economic growth will be another goal of the committee.

The Consumer Financial Protection Bureau will also receive close attention, as the committee seeks to "ensure that the CFPB's regulatory, supervisory and enforcement initiatives protect consumers against unfair and deceptive practices without stifling economic growth, job creation, or reasonable access to credit." CFPB enforcement actions, the agency's work with other federal regulators, and how CFPB actions impact small businesses and financial institutions of all sizes, particularly "those with fewer than $10 billion of assets," will also be areas of emphasis, according to the plan.

Other oversight priorities addressed in the plan include:
  • Global financial reform coordination;
  • International accounting standards;
  • The U.S. Treasury's Troubled Asset Relief Program; and
  • Capital Standards and Basel III.
The document "is not intended to be an exhaustive list," and the committee may take on issues that are not covered in the list.

The draft oversight plan will be marked up today at 10 a.m. ET.

For the full draft committee plan, use the resource link.

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