Credit unions are widely expected to be subjected to the proposed consumer financial protection agency's jurisdiction, despite lobbying to be exempted.
"In terms of exemption, I don't think that is very likely. What may be more likely is, there may be some accommodation made on a number of issues," said Ryan Donovan, senior lobbyist for the Credit Union National Association, an industry trade group.
Still, the National Association of Federal Credit Unions, another trade group, said it is continuing to press its own proposal to exempt credit unions and banks from the new agency's oversight. This proposal, which lacks support in Congress, aims to create an office of consumer protection within each of the existing regulatory agencies to monitor credit union and bank compliance with rules to protect consumers.
The House Financial Services Committee has scheduled a vote this week on a bill to create the new agency, and the proposed legislation calls for one seat on the agency's oversight board to go to credit unions.
