Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
House votes to increase FSOC authority to overturn CFPB rules
WASHINGTON (2/28/14)--In a 232-182 vote, the U.S. House passed The Consumer Financial Protection Safety and Soundness Improvement Act (H.R. 3193), which provides greater authority to the Financial Stability Oversight Council (FSOC) to stay or set aside rules promulgated by the CFPB if they would have an adverse impact on the safe and sound operations of financial institutions. 

The bill lowers this voting threshold from the current 2/3 vote requirement of the council to a majority vote in order to take this action.
 
The Credit Union National Association has called the bill a step in the right direction because it would help to assure credit unions--and other entities--already subject to considerable regulation are not unnecessarily burdened.

The bill also requires the CFPB to take into consideration the impact of its rules on insured depository institutions, change the bureau's leadership structure from a single director to a five-member panel, and make some operational changes.
 
 
Other Resources

CUNA Letter on H.R. 3193
RSS





print
News Now LiveWire
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
16 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
17 hours ago
Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
17 hours ago
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
20 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
23 hours ago