Search
 

NAFCU Endorses Changes in the Consumer Bureau

NAFCU will endorse GOP-backed legislation to have the new Consumer Financial Protection Bureau governed by a five-member board and allow its decisions to be overturned by majority vote of a council of regulators.

By Claude R. Marx | Updated on April 05, 2011

NAFCU will endorse GOP-backed legislation to have the new Consumer Financial Protection Bureau governed by a five-member board and allow its decisions to be overturned by majority vote of a council of regulators.

The bureau, which is supposed to begin operating in July, is “potentially problematic,” and will create “burdensome and unnecessary,” compliance costs, Washington Gas Light FCU President/CEO Lynnette Smith said in testimony prepared for delivery before a House subcommittee tomorrow.

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

© 2025 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.

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 © 2025 ALM Global, LLC. All Rights Reserved.