WASHINGTON – The House Financial Services Committee voted this afternoon to exempt most credit unions from being examined by the new Consumer Financial Protection Agency, a compromise measure aimed at pushing the whole bill through the House.
The amendment will exempt credit unions under $1.5 billion from the new agency’s examination, leaving only about 75 of the nation’s largest credit unions under the agency’s nominal supervisory purview. The measure, which also exempts small banks, passed without the support of the credit union lobby, which is seeking to exempt all credit unions.
Rep. Brad Miller said under his amendment smaller institutions will be examined for compliance with consumer rules and laws by their current regulator. For credit unions that will be NCUA or their state supervisor. "Examination and enforcement will be handled principally by their existing regulator," said Miller.
The committee is scheduled to debate more amendments later today and next week, before voting it out of committee.
