Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
New bill would push CFPB supervision trigger to $50B
WASHINGTON (8/1/14)--Sens. Pat Toomey (R-Pa.) and Joe Donnelly (D-Ind.) have introduced a bill that would raise the credit union threshold for supervision by the Consumer Financial Protection Bureau (CFPB) to $50 billion in assets, up from the current $10 billion. If passed, the bill would exempt all but one credit union from direct CFPB supervision.

"Our thanks to Sens. Toomey and Donnelly for introducing this legislation, which would ease the regulatory burden facing credit unions affected by direct CFPB supervision," said John Magill, executive vice president of government relations for the Credit Union National Association.

"While this bill is a welcome development, CUNA continues to urge the CFPB to use its broad exemption authority for credit unions more extensively, as we strongly believe there is more CFPB can and should do on its own to exempt credit unions from unnecessary regulations," Magill added.

Former congressman and House Banking Committee Chair Barney Frank, a Democrat from Massachsetts,  testified at a House Financial Services Committee hearing last week that the examination threshold should be raised.


RSS print
News Now LiveWire
HFSC Chairman @RepHensarling announces subcommittee chairs for #114th Congress: http://t.co/FGnvnogI7n
4 hours ago
Don't Mullet Over: Check out @ECCU1's meme-rable campaign that brought in $8M in loans #NewsNow http://t.co/vNh2q01gcg
6 hours ago
#FOMC minutes show committee members debated erasing 'considerable time' from forward guidance #NewsNow #Market http://t.co/Gw0bEIFCe2
8 hours ago
NCUA votes 2 to 1 to approve 2015 budget: McWatters is dissenting vote.
9 hours ago
.@TheNCUA bd mmber McWatters at #NCUAbdmeeting invited specific, detailed comments on budget/budgetary process to be sent directly to him.
9 hours ago