Since this proposal was first put forward by the Obama administration, CUNA has acknowledged that consumers need greater protection, especially consumers of unregulated financial products, and that a Consumer Financial Protection Agency could be a way to provide those protections.

That said, we do continue to have significant concerns about the impact that elements of this legislation will have on credit unions and their members. We will continue to work with Chairman Frank to address our concerns,
specifically with respect to the examination and enforcement of credit unions, as this bill moves toward floor consideration in the coming weeks.