KANSAS CITY (10/15/09)--U.S. Rep. Emanuel Cleaver (D-5) of Missouri asked for credit union input on the Consumer Financial Protection Agency (CFPA) legislation during a meeting in Kansas City on Tuesday.
Ten credit union leaders and several bank professionals took part in the event, according to the Missouri Credit Union Association (MCUA). Credit unions requested two changes. First, to allow the National Credit Union Administration or the Missouri Division of Credit Unions to examine credit unions for compliance and carry out enforcement of the regulations. Second, that CFPA pre-empt state laws on consumer protection to lessen the burden of keeping up with laws and regulations in multiple states (The Missouri difference
Oct. 14). Bank representatives asked for a carve-out for community banks and for current consumer regulations, but Cleaver said that would not be possible. He said he expects the CFPA legislation could pass before year-end. “Your high school teacher might have told you that 80% of everything is showing up, and that holds true for politics,” said Peggy Nalls, senior vice president of public/legislative affairs for MCUA. “We showed up and the congressman gave us over an hour and a half of his time and attention to discuss our issues regarding the CFPA legislation. Cleaver also requested a separate meeting with credit unions to discuss interchange fees. MCUA said it will provide more information to its member credit unions as soon as possible.