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Credit Unions May Have Willing Takers in Plea for Less Supervision

April 23, 2019, 7:43 PM

A credit union industry group asked the Consumer Financial Protection Bureau to turn over its supervision of the country’s largest credit unions to their prudential regulator, triggering concern that the bureau may agree to the request.

The Credit Union National Association (CUNA) said in an April 22 letter to CFPB Director Kathy Kraninger that the bureau has the authority to hand over consumer protection supervision of all credit unions with more than $10 billion in assets to the National Credit Union Administration. The NCUA, an independent federal agency, has prudential oversight authority for the industry.

Kraninger has publicly stated that...

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