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Rep. Frank CUNA meet on CFPA concern
WASHINGTON (10/19/09)—Credit Union National Association (CUNA) President/CEO Dan Mica and league president Daniel Egan met Friday with House Financial Services Committee Chairman Barney Frank (D-Mass.). They discussed credit union objections to an amendment to Consumer Financial Protection Agency (CFPA) legislation that would divide treatment of credit unions along asset size in an attempt to address unintended competitive disadvantages. Less than 24 hours earlier, Frank’s panel adopted an amendment offered by Reps. Brad Miller (D-N.C.) and Dennis Moore (D-Kan.) that would limit the proposed CFPA’s examination and enforcement authority to credit unions over $1.5 billion in assets and banks with more than $10 billion in assets. For institutions whose assets fall below those thresholds, enforcement authority would stay with their prudential regulator. Egan is president of the Massachusetts Credit Union League, New Hampshire Credit Union League and Credit Union Association of Rhode Island. CUNA has declared it would be compelled to oppose H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, if its final version included the amendment that would treat credit unions differently based on asset size. Mica has noted, "A key principle of ours in approaching financial regulatory reform has been for examination authority to remain with credit unions' primary regulator. We cannot support legislation that would apply this principle only to a portion of the nation's credit unions, as envisioned in this amendment." He added that "a basic premise of the credit union movement is to never be divided against itself in any way." In their meeting with Rep. Frank, Mica said, the chairman "indicated a willingness to work with us to see if we can find a mutually agreeable solution before the bill goes to the floor for a House vote.”


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