The NCUA would "maintain its authorities with regard to credit unions," according to a draft of the Obama administration's regulatory restructuring plan that is scheduled to be released later today.

It's not clear from the proposal, however, how much of the agency's power to regulate consumer products would be usurped by the new Consumer Financial Protection Agency that the administration is proposing. Currently, many consumer regulations are issued jointly by the Federal Reserve, the NCUA, the FDIC, the Office if the Comptroller of the Currency and the Office of Thrift Supervision.

If approved by Congress, the new consumer protection agency would regulate products such as credit cards and mortgages. It would enforce measures that credit unions deal with regularly such as the Truth in Lending Act and the Real Estate Settlement and Procedures Act.