Committeeans and lobbyists alike are attacking Senator Chris Dodd’s 1,300-page financial reform legislation with everything they’ve got, from red ink to green backs. One of the hotly debated features of the bill is the creation of the Bureau of Consumer Financial Protection. The threshold that determines which financial institutions the new bureau will oversee currently stands at $10 billion in assets. Under this limit, three credit unions would report to the new bureau: State Employees’ of North Carolina, Navy Federal, and Pentagon.
NAFCU and CUNA are currently lobbying to increase the limit to $50 billion, which would keep all three institutions under the oversight of NCUA, but the possibility of a change-up in regulators doesn’t seem to faze at least one of the industry’s giants.
In February, Callahan & Associates had the opportunity to sit down with SECU president and CEO, Jim Blaine. Watch these special feature video clips of his thoughts on what increased regulation would mean for his credit union and the industry at large.