Boeing Employees Credit Union (BECU) of Tukwila, Washington is the fourth credit union to exceed the $10 billion asset threshold.
As of March 31, 2011, BECU reported almost $10.6 billion in assets – an increase of almost $620 million during the quarter.
The other three credit unions that are greater than $10 billion in assets are Navy FCU (VA), State Employees’ CU (NC), and Pentagon FCU (VA).
Oh boy! Now BECU gets to be directly examined by the Consumer Financial Protection Bureau. That CFPB scrutiny is in addition to the Washington State Department of Financial Institutions' prudential supervision and the National Credit Union Administration for deposit insurance risk mitigation. Welcome BECU to the new probably unpleasant reality.
ReplyDeleteMarvin:
ReplyDeleteYou are a little premature. BECU will need to have four consecutive quarters with assets above $10 billion before being subjected to CFPB oversight.
One quarter down, three to go.
Thanks for the correction. I had forgotten that transition period. BECU has a long history of growth so it is indeed highly likely that the credit union will fall under the CFPB's jurisdiction at the beginning of 2013. BECU had better lawyer up between now and then.
ReplyDelete