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News Now

Washington
CFPB may result in some examination changes NCUA says
ALEXANDRIA, Va. (9/17/10)—While the National Credit Union Administration (NCUA) will retain the majority of its examination authority under the recently enacted Dodd-Frank financial regulatory reform package, the NCUA on Thursday said that it will likely redesign some aspects of its examination process to better interact with the still pending Consumer Financial Protection Bureau (CFPB). Specifically, the NCUA will retain examination authority for credit unions with under $10 billion in assets. NCUA was briefed on how the Dodd-Frank legislation and, more specifically, the CFPB will impact its practices going forward. The CFPB will be tasked with, among other things, monitoring the financial system for systemic risk. NCUA Chairman Debbie Matz during the agency's Thursday open board meeting said that the regulation and monitoring of systemic risk is “critical.” The CFPB will likely not be up and running for another 6 months to a year. The Office of Financial Research, which will monitor the markets for evidence of systemic risk trends, will work with NCUA and other regulators as it establishes its own guidelines. NCUA officials on Thursday said that NCUA may need to alter some of its own data collection practices to work more closely with the to-be-established office. However, the NCUA should not be subject to the OFR requirements for up to three years. NCUA’s data collection processes could also be impacted by its participation in the national foreclosure database, another program that will be established under the Dodd-Frank legislation.


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