New Bill Would Increase Minimum Asset Level for CU Supervision
Reactions have been mixed to a new bill that would increase the minimum asset level that triggers direct CFPB supervision over credit unions with assets from $10 billion to $50 billion. The outspoken CEO of the $28 billion State Employees Credit Union, Jim Blaine, prefers being under CFPB versus NCUA. Bill Cheney, former CUNA CEO and now CEO of the $10 billion SchoolsFirst FCU supports the bill, but noted the change would leave only Navy Federal Credit Union under CFPB supervision. Cheney recommends that direct supervision by the CFPB be eliminated for all credit unions. [8/1/14]