Statement of Credit Union National Association (CUNA) President and CEO Dan Mica on the House Financial Services Committee vote today to accept an amendment to the Consumer Financial Protection Agency legislation offered by Reps. Brad Miller (D-NC) and Dennis Moore (D-KS) that would retain authority with the prudential regulator to examine and enforce consumer protection regulation for credit unions with total assets of less than $1.5 billion and community banks with total assets of less than $10 billion:

“A basic premise of the credit union movement is to never be divided against itself in any way. Given that: We would be compelled to oppose legislation formulated on that basis, as the Moore-Miller amendment, adopted by the committee today, would do. A key principle of ours in approaching financial regulatory reform has been for examination authority to remain with credit unions’ primary regulator. We cannot support legislation that would apply this principle only to a portion of the nation’s credit unions, as envisioned in this amendment.

“In the past we have done everything possible to work with the committee on issues of importance to consumers and credit unions, and here, too, we truly want to find a way to avoid a situation where we are at odds. We appreciate Chairman Frank’s comments indicating a willingness to discuss this issue with us and plan to be in contact with him at the earliest opportunity. However, if an accommodation cannot be reached on the substance of the CFPA bill as amended, we will have no choice but to oppose the entire bill.”