CU trades oppose proposal to give NCUA power over servicers
The Financial Stability Oversight Council and the GAO have warned that additional oversight of fintech companies are needed to guard against abuse.
Granting the NCUA power to examine third-party servicers would give the agency power it does not need, trade groups have told House members considering such legislation.
House Financial Services Committee majority staff members are circulating draft legislation granting the agency that power as part of the work by the panel’s Task Force on Artificial Intelligence.
Government watchdog groups have said that other banking regulators have that power, while the NCUA does not.
In separate reports last year, the Financial Stability Oversight Council and the Government Accountability Office are warning that additional oversight of servicers—particularly fintech companies—is needed to guard against abuses.
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