In an effort to pre-empt plans to bring credit unions under a new Consumer Financial Protection Agency, National Credit Union Administration chairman Michael Fryzel has proposed the creation of the agency's own consumer protection office. NCUA currently has authority over products and services offered by credit unions but rarely, if ever, determines whether they comply with consumer laws and regulations, leaving that to other agencies such as the Federal Reserve, Federal Trade Commission of the Securities and Exchange Commission. The new NCUA office would monitor compliance with mortgage laws and disclosures, credit card rules and regulations, and investment products sold by credit unions.
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