NCUA Chairman J. Mark McWatters is asking the CFPB to cede consumer protection enforcement and examination authority for credit unions with assets of more than $10 billion and to give the NCUA primary authority over the institutions.
Six federally insured credit unions—Navy Federal Credit Union, State Employees' Credit Union, Pentagon Federal Credit Union, Boeing Employees Federal Credit Union, SchoolsFirst Federal Credit Union, and The Golden 1 Credit Union—have assets of $10 billion or more, the NCUA said.
In a letter to CFPB Director Richard Cordray, McWatters said the change would not affect the CFPB's rulemaking authority over federally insured credit unions and the bureau could still take action if it determined the NCUA was doing a poor job of enforcing consumer protection laws.
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