NCUA Chairman Michael E. Fryzel said he plans to include funding for a new Office of Consumer Protection in the agency's budget for next year.

"While NCUA has always placed a high priority on the enforcement of consumer regulations, and credit unions themselves have a strong track record of pro-consumer conduct, it is important that the highest level of compliance with these essential laws be maintained at all times. The creation of a dedicated Consumer Protection Office will make NCUA supervision of consumer protections even more efficient and effective, and will further underscore the priority of this function," he said.

Fryzel said the office will be the agency's liaison with the new Consumer Financial Protection Agency, which the Obama administration has asked Congress to create.