Search
 

Proposed Consumer Financial Agency Is Well-Intended And Fraught With Confusion

Credit unions should take a close look at the well-intended but poorly crafted Consumer Financial Protection Agency, or CFPA, that is scheduled

Credit unions should take a close look at the well-intended but poorly crafted Consumer Financial Protection Agency, or CFPA, that is scheduled to come up for a vote by the House Financial Services Committee when Congress returns from its summer break.

The original purpose of the legislation, H.R. 3216, was to rein in unregulated entities and activities that played a role in the most recent economic crisis. It was particularly aimed at predatory mortgage lending. While neither credit unions nor the credit insurance they provide their members played any part in the problem, they would both be brought under the new agency. The legislation would further splinter regulation of credit unions and, for credit insurance, would add a duplicative layer of costly regulation on top of an insurance product that is already highly regulated by each state in which credit unions operate.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Peter Westerman

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.