Mon, Jun 19, 2017
The first of four reports from the Trump Administration on overhauling financial regulations focuses on relief for community banks and credit unions was released last week. The Treasury Department report recommends, among other things:
- Raising the scope of application for stress-testing requirements for federally-insured credit unions to $50 billion in assets;
- Repealing the rule requiring credit unions to satisfy a risk-weighted capital framework;
- Increasing coordination between the CFPB, the NCUA and state regulators in conducting examinations; and
- Raising the threshold for credit unions to be eligible for 18-month exam cycles.
The report also called for significantly limiting the power and discretion of the CFPB, calling for the bureau to be brought further under the oversight of Congress and the administration, and to lose its ability to directly supervise banks, mortgage companies, payday lenders, and other businesses.