The Bureau of Consumer Financial Protection should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote to the bureau Monday. The letter was sent in response to a bureau request for information on its supervision program.
“CUNA supports this change as it will enable the Bureau to fully focus its examination and enforcement efforts on Wall Street banks and other abusers of consumers, while ensuring credit unions continue to be adequately supervised by the agency most proficient with its structure and operation,” the letter reads. “In addition, this change would streamline the examination and enforcement efforts for these largest credit unions, which are subject to duel examination or even triple examination for a federally insured state chartered credit union.”
If the bureau does not provide NCUA with primary examination and enforcement of consumer protection regulations for credit unions with more than $10 billion in assets, CUNA urges the bureau to work closely with NCUA and/or appropriate state regulators in its examination and enforcement of credit unions.
“At a minimum, NCUA and/or the appropriate examiner should be a partner through the examination process,” the letter reads.
CUNA also offered the following recommendations:
CUNA urged the bureau to: