The new regulatory agency on consumer products should not preempt the enforcement powers of the NCUA, it should be able to preempt state rules and should be required to streamline and modernize consumer regulation, CUNA President/CEO Dan Mica wrote House Financial Services Chairman Barney Frank today.

Mica wrote that if those and other criteria are met, CUNA would endorse the Obama administration's proposal to create a new Consumer Financial Protection Agency.

CUNA is also urging lawmakers to: Finance the agency from federal funds rather

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Regulatory & Compliance