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Washington
CUNA covers what recent reg reforms mean for CUs
WASHINGTON (8/5/10)--The Credit Union National Association has provided a comprehensive overview of the portions of the new financial regulatory reform rules that are most relevant to credit unions. Among those items are portions of the legislation that specifically address credit unions, amendments to the Truth in Lending Act regarding residential mortgages, and portions of the to-be-established Consumer Financial Protection Bureau (CFPB) that could address credit union practices. Several reforms set forth by the legislation are of interest to credit unions, including the inclusion of the National Credit Union Administration chairman on a pending financial stability oversight council. Credit unions holding under $10 billion in assets will not be examined by the pending CFPB. The legislation is mainly aimed at Wall Street and larger financial firms, and seeks to help avoid a repeat of the country's recent crisis prompted by a meltdown of housing and mortgage markets. The legislation also addresses thrifts, deposit insurance reforms, hedge funds, credit rating agencies, executive compensation, and investor protections, among other items. For a quick reference guide to the regulatory reforms plus a more comprehensive breakdown of the new regulatory rules and their impact on credit unions, use the resource link below.


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