October 22, 2009
Statement from NASCUS President and CEO Mary Martha Fortney on Committee Passage of Consumer Financial Protection Agency Legislation
Arlington, Va. As a part of its regulatory reform efforts, the House Financial Services Committee voted to approve the Consumer Financial Protection Agency Act of 2009 on October 22.
NASCUS, as the professional association of state credit union regulators, encouraged the Committee throughout its consideration of the bill to preserve state authority and the ability of the states to create and enforce consumer protection laws. Chairman Barney Frank's (D-Mass.) CFPA discussion draft, which was approved as amended today, included enhanced mechanisms for consultation with state regulators as well as a seat at the CFPA's governing body for the FFIEC State Liaison Committee Chairman, a state regulator.
"Many of the areas of the legislation recognize the value of state regulatory authority and the efficacy of the states to protect consumers," said NASCUS President and CEO Mary Martha Fortney. "As this bill continues to the House floor, NASCUS and state regulators will continue to ensure that state regulatory authority is maintained and state-chartered credit union interests are represented in the legislation that is eventually considered by the full House."
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or firstname.lastname@example.org