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CUNA at CFPB to discuss large issuers
WASHINGTON (7/8/11)—The Credit Union National Association (CUNA) was one of several industry representatives that discussed on Thursday how the Consumer Financial Protection Bureau (CFPB) should approach its regulation of non-bank/non-credit union “larger participants” in consumer financial services. The CFPB meeting aimed to identify what types of large non-bank/non-credit union financial entities should be subject to CFPB supervision and examination. It is considering regulating non-financial institution auto lenders, debt collection agencies, credit reporting agencies, prepaid credit card firms, debt relief firms, and money transfer firms. The CFPB is accepting public comment on how to treat these types of entities. CUNA and the CFPB were joined in the discussion by the Independent Community Bankers of America (ICBA), the AFL-CIO, and several other industry and consumer groups. The CFPB is holding additional meetings with more than 100 organizations. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is authorized to supervise all sizes of nonbank payday lenders, private student lenders, and mortgage companies. Dodd-Frank requires that the CFPB issue an initial rule on large non-bank firm regulation no later than July 21, 2012, one year after the designated transfer date. While the supervision of privately insured credit unions was not discussed during the CFPB roundtable on large non-bank financial entities, CUNA following the meeting said it is committed to minimizing the regulatory burden of these credit unions. CUNA added that if the CFPB elects to take on regulation of privately insured credit unions, it should rely on state-regulators to examine these credit unions. For more on this CFPB project, use the resource link.
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