The Bureau of Consumer Financial Protection should delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets, CUNA wrote to the bureau Monday. CUNA’s letter was sent in response to a bureau request for information (RFI) on enforcement processes.
“CUNA supports [transferring examination and enforcement authority] 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 federal agency most proficient with its structure and operation,” the letter reads.
CUNA added that, if bureau retains examination and enforcement over credit unions with over $10 billion in assets, it must work together with the NCUA as a partner throughout the examination and enforcement process.
Other highlights of the letter include: