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Washington
CUNA Auto dealer BCFP exemption could kill balance
WASHINGTON (5/12/10)--The Credit Union National Association (CUNA) urged lawmakers to oppose any regulatory reform amendments that would “upset the balance” of proposed consumer protections, as the trade group continued to provide input as reform process moves forward in the Senate. In a letter to Senate Banking Committee leaders Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.), CUNA opposed “excluding any non-depository institution provider of financial products, including auto dealers, from the rules promulgated” by the proposed bureau of consumer financial protection (BCFP). Doing so would “defeat the purpose of creating the new consumer regulator, would put credit unions at a competitive disadvantage in the new regulatory regime,” and could potentially “cause confusion for consumers of financial products,” the letter added. The BCFP would write and regulate rules for financial firms and, as currently constructed, would oversee credit unions with over $10 billion in assets. CUNA has asked that the National Credit Union Administration be allowed to retain full authority over the credit union system, regardless of asset size. Dodd, who introduced his Senate regulatory package earlier this year, said that he could back an amendment introduced by Sen. Susan Collins (R-Me.) that would instruct federal regulators to tighten capital requirements for financial institutions.


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