Consumer credit unions with assets greater than $10 billion are supervised by the Office of National Examinations and Supervision (and applicable state supervisory authority if state-chartered). Due to the relative size of their insured share base, they are deemed systemically important to the National Credit Union Share Insurance Fund. By law, the Consumer Financial Protection Bureau (CFPB) has oversight authority for these credit unions’ compliance with consumer laws and regulations.
This webpage presents information uniquely applicable to consumer credit unions under ONES supervision. While credit unions with assets less than $10 billion are not subject to ONES or CFPB oversight, credit unions that are approaching the $10 billion threshold may find this information helpful to better understand future expectations.
Guidance Letters for Consumer Credit Unions $10 Billion or More
Guidance letters will be posted as they become available.
Consumer Financial Protection Bureau
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Act) established the Consumer Financial Protection Bureau (CFPB) and authorizes it to supervise certain consumer financial services companies and large depository institutions with assets over $10 billion and their affiliates for consumer protection purposes. Subject to the provisions of the Act, the CFPB has responsibility to implement, examine for compliance with, and enforce “Federal consumer financial law.” The link below is for CFPB’s Compliance Guidance for supervised financial institutions. This webpage contains information to help large financial institutions comply with consumer compliance laws; understand CFPB’s supervision and examination practices; as well as contains other CFPB supervisory information and guidance.
http://www.consumerfinance.gov/policy-compliance/guidance/
