On a mostly party-line vote, the House today approved legislation that would dramatically revamp the way the government regulates financial services.
A key component of the measure, which passed 223-202, is the creation of a Consumer Financial Protection Agency, which could issue regulations on a range of consumer financial products.
Lobbyists for CUNA and NAFCU succeeded in helping persuade lawmakers to pass an amendment ensuring that credit unions with assets of $10 billion or less wouldn't be subject to an examination by the CFPA.
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