Credit Union Times is reporting that according to a draft document they’ve obtained, the Financial Services Committee of the U.S. House of Representatives plans to review the NCUA's regulation of the credit union system and discuss possible reforms. The draft of the committee’s oversight plan says that the panel will “review issues relating to the safety and soundness and regulatory treatment of the credit union industry. In particular the Committee will examine the failures in the corporate credit union system and evaluate possible reforms to the system and to the National Credit Union Administration.’’
In addition, the draft document indicates that the committee will also “identify and remedy” any unintended consequences to the credit union industry brought about by passage of last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act. Another area the panel plans to review is the start up of the Bureau of Consumer Financial Protection (BCFP) which is scheduled to begin operation in July. Because financial institutions with less than $10 billion in assets are exempt from oversight by the BCFP, this likely isn’t a concern for Vermont’s credit unions.
The draft document, which doesn’t outline specific reform proposals or contain a schedule, is being circulated among committee members for comment. The panel is scheduled to meet on Feb. 10 to discuss and vote on its oversight agenda.
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