On-Site Coverage: Royce Promises Push on MBLs and Strong Oversight of Consumer Bureau
WASHINGTON — Rep. Ed Royce (R-Calif.) plans a renewed push to raise the cap on member business loans because it’s a way of creating jobs without involving government.
During his speech at CUNA’s Governmental Affairs Conference, Royce, a senior member of the House Financial Services Committee, didn't assess the likelihood of the proposal being passed, but promised a bipartisan push for it.
Royce said he will provide strong oversight of the new Bureau of Consumer Financial Protection to ensure it doesn't overreach and damage the economy and financial institutions. He noted that separating consumer regulation from safety and soundness can be a recipe for bad policy.
He also pledged to work to slow the implementation of the Federal Reserve's rule regulating debit interchange fees. He said if the proposed rule isn't changed, “the debit network will be weaker and smaller institutions will be disadvantaged.”