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House Fin. Svcs. Comm. approves CFPA Act
WASHINGTON (10/23/09)--The Obama Administration’s proposed Consumer Financial Protection Agency came one step closer to creation on Thursday when the House Financial Services Committee approved H.R. 3126, the Consumer Financial Protection Agency Act, by a vote of 39-29. While the Credit Union National Association (CUNA) has acknowledged the need for greater consumer protections, CUNA President/CEO Dan Mica said that he has “significant concerns about the impact that elements of this legislation will have on credit unions and their members.” Several amendments to the legislation were offered, with one 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 drawing the interest of CUNA. CUNA indicated that it would not support the CFPA legislation if this amendment remained attached to the bill, and Mica and league president Daniel Egan met late last week with Committee Chairman Barney Frank (D-Mass.) to discuss the issue. Following the meeting, Mica said that Frank "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." CUNA has also advocated that the tasks of examination and enforcement regarding credit unions must remain in the hands of the National Credit Union Administration. The CFPA legislation would seek to protect consumers of financial products through the creation of a powerful independent agency with extensive rulemaking, oversight, and enforcement tools.

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