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CUNA CFPA legislation could create redundant rules for CUs
WASHINGTON (10/1/09)--The Credit Union National Association (CUNA) in a Wednesday letter noted that while legislation that would create the proposed Consumer Financial Protection Agency (CFPA) takes "several steps in the right direction," credit unions remain concerned that the duplicative and redundant regulations that could potentially face credit unions have not been addressed. The letter, which was sent to members of the House Committee on Financial Services and submitted and was added to the record of a hearing held on Wednesday, sought assurance that the additional credit union concerns over the examination and enforcement authorities that could be conveyed to the CFPA. However, CUNA stated, the CFPA should be given “back-up examination powers” over regulated depository institutions, and the CFPA examiners could also be used to examine financial institutions “on a random, backup basis.” Some of the additional protections sought by CUNA include clarification that the Chairman of the National Credit Union Administration will be given a seat on the CFPA Oversight Board and directing the CFPA Director to take into account disclosure requirements under other laws in order to enhance consumer compliance and reduce regulatory burden. The discussion draft, which was the subject of a Wednesday Financial Services Committee hearing, also seeks to ensure that the CFPA does not create additional fees or assessments for financial institutions. Protections for depositor data and the treatment of state consumer protection law would be given “serious consideration” as the Committee continues its debate and mark-up of the legislation. For the full CUNA letter, use the resource link.


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