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FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; email@example.com
Washington, DC (May 21, 2018) – Credit Union National Association (CUNA) filed a comment letter this morning in response to the Bureau of Consumer Financial Protection’s (Bureau) Request for Information on its Supervision Program. The letter urges the Bureau to transfer examination authority for consumer protection regulations over credit unions with over $10 billion in assets to the NCUA and/or the appropriate state regulator.
“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.”
CUNA also recommends ways in which the Bureau can streamline its current examination processes. In particular, CUNA states that the Bureau should not use a “one-size-fits-all” approach to examining financial institutions under its jurisdiction, and the timing, frequency, and scope of examinations should be based on the structure, operation model, and complexity of the financial institution.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.