WASHINGTON – The Obama administration will unveil a financial regulatory restructuring today that would combine several depository regulators.
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Under the proposal, the new regulator would take over the supervision powers of the Office of the Comptroller, which currently regulates national banks, as well as the responsibilities of the Office of Thrift Supervision and NCUA would continue to regulate credit unions.
Credit union lobbyists said today they believe the plan would retain the independence of NCUA, which would continue to oversee and administer the National CU Share Insurance Fund.
The proposal will now go to Congress which must approve it as part of legislation.
